Cybercrime estimated losses are as much as $2 trillion so it is no surprise that most law firms who hold client data and intellectual property are reluctant “to publicly discuss cyberintrusions and the lack of data breach reporting requirements in general in the legal industry”
As reported by the 2013 Europol Serious & Organized Threat Assessment, the “Total Global Impact of CyberCrime [has risen to] US $3 Trillion, making it more profitable than the global trade in marijuana, cocaine and heroin combined.”
Innovation, trade secrets and customer data are the lifeblood of U.S. companies and the U.S. economy. These critical economic engines of competitive advantage must be protected at all cost.
The director of national intelligence, James Clapper, paints a grim picture of the cyberthreats the nation faces, saying as bad as 2014 was, 2015 and the coming years will be worse.
Companies will need as much as $1B in cyber insurance coverage as the costs of hacking attacks mount, but some businesses are struggling to secure even a tenth of that.