What’s the cost of a data breach per record accessed? A mere $150 on average. But when extrapolated out to the number of record breaches at a typical company or government agency that gets victimized, the average company loss figure soars to a staggering $4 million. That average cost, of course, won’t apply to a cyber attack at a small mom-and-pop operation nor even to most mid-sized companies. But when major retailers, credit card companies, and health-care providers are factored in, the damage per hit is indeed in the millions. Experts predict that even the average $4 million loss figure will skyrocket to $150 million per data breach by the year 2020. Now CTOs are coming under scrutiny by their directors who have begun to ask, “What are we paying for?”
From major retail chains to credit card companies to government agencies, sooner or later everyone is vulnerable to a cyber-attack. That is simply a reality of 21st Century technology dependence. But while some organizations may seem to be more likely targets because of the vast financial theft value or because of the opportunity to embarrass a country by leaking its deepest secrets, the hacking of a law firm’s boring briefs would not appear to be very high up there on a hacker’s wish list. Until now. The past couple of years have seen an explosive increase in the number of security breaches at both domestic and international law firms. And just what holy grail is the law-firm hacker likely to be seeking? The prize, it seems is now insider information about pending M & A transactions. Illicit profiting remains the mainstay of all breaking-and-entering artists be it through the front doors of stores or via back doors of computer programs.