FREE WHITEPAPER – Devising a Disaster Recovery Plan: Key Considerations for Law Firms
Since 1980, the U.S. has notched 230 weather- and climate-related disasters worth more than $1 billion in damage into its collective belt, with a jaw-dropping cost that’s northward of $1.5 trillion. These numbers encompass property damage and loss, lost wages, and total the often-incalculable losses businesses suffer when they cannot operate because their physical locations have been damaged or destroyed.
But for those who have suffered disaster of a man-made sort (think ransomware, other kinds of cybercrime, and other business disruptions), the effects on business continuity can be just as devastating as when the roof physically blows off an office park. And indeed, very real digital security threats abound. According to Cisco’s 2017 Annual Cybersecurity Report, ransomware attacks—in which an end user clicks on a suspicious email attachment, for example, and ends up downloading encrypting software onto their machine, which then holds the files ransom—rose some 350 percent from the previous year.
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The dollars at stake also loom large. According to cyber-economy researcher and publisher Cybersecurity Ventures, cybercrimes will cause economic damages of $6 trillion across the globe by 2021, a figure that is set to double from the $3 trillion notched in 20153. The publisher also reports that ransomware attacks will cost the world $11.5 billion in 2019—up from just $325 million in 2015. The numbers keep coming: by the end of next year, Cybersecurity Ventures says, some form of ransomware or malware will attack a business every 14 seconds, compared to the current rate once every 40 seconds (not exactly a good number itself).
According to Swiss technology and data protection firm Acronis, a 20-lawyer firm that bills its attorneys out in the range of hundreds of dollars an hour will lose $54,000 in billable revenue per year as a result of just one lost hour of network time; one week lost and the numbers skyrocket close to $200,0004. It’s evident: law firms simply must develop, maintain, and test disaster recovery plans and well-developed business continuity plans in order to be ready for scenarios that are increasingly looking less like an ifand more like a when.
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Across the board, these statistics and figures are large (intimidating, even), but their sheer size and scope make it easy to lose sight of the tens of thousands of individual businesses—law firms included—that sustain potentially catastrophic continuity issues in the days and weeks following a disaster of any kind. For law firms, especially those in the small-to-mid-sized range, the consequences cannot be understated.
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