Summary: Through the guidance of the current financial sector’s cyber threat forum, law firms will be able to anonymously communicate about known data threats.
The Legal Services Information Sharing and Analysis Organization or LS-ISAO will give law firms the ability to share data on cybersecurity threats and vulnerabilities. The financial sector has their own Financial Services Information Sharing and Analysis Center that is guiding this new law firm platform.
Law firms must apply and be found eligible in order to be a part of the forum. Vice president of products and services at FS-ISAC, Cindy Donaldson, says around 180 firm have expressed interest but she expects that number to grow after the platform launches.
One firm has come forward to announce that they have applied. Davis Polk & Wardell understands that “today, law firms are working pretty independently on fighting off the different attacks that are coming toward us” but the new cyber group will act as “a force multiplier when we can share information amongst ourselves anonymously and we can be aware of what attacks are happening against other law firms.”
Traditionally, law firms are alerted of any threats by trade groups and the FBI. To be eligible to part a part of this new group a firm must apply, pay the $8,000 membership fee, and meet other criteria such as having the majority of their lawyers in the U.S., U.K. or Canada. Size of a firm is not a factor.
Having the ability to be prepared against an attack of any kind is very important when you consider that law firms are the keepers of their clients’ most sensitive business data. Winston & Strawn is another firm interested in the group, stating that not only is it important to keep data protected but also reassuring their clients that they are doing so.
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