According to a report by the American Bar Association (ABA) in 2017, cyber attacks targeting law firms have been on the rise, and the cost of addressing these incidents can be substantial. The ABA’s 2017 Legal Technology Survey Report found that 22% of law firms with 10-49 attorneys reported experiencing a data breach at some point, with smaller firms being particularly vulnerable.

Furthermore, a study by the Ponemon Institute found that the average cost of a data breach for organizations in the United States was $8.19 million in 2020. While this figure represents the average across all industries, it provides a benchmark for understanding the potential financial impact of cyber incidents.

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Source: LawyerGuard.