How Leasing Assists Your Firm to Make Your Information Security Processes Bulletproof

This article was featured in the April 2016 LJN Accounting and Financial Planning for Law Firms Newsletter.

By Scott McFetters.

Security issues are cited repeatedly as the number one concern for law firms and most recently topped all other current trends.  The 2015 ILTA TechSurvey revealed that nearly half of the 420 law firms surveyed identified security as the number one concern—and with good reason.  As recently reported in Legaltech News, 80 of the 100 biggest law firms have been hacked since 2011.  This year, firms are estimated to spend more than $6.9 million or 1.92 percent of their gross annual revenues on information security.

Security concerns are a game changer.  Not only are clients mandating increased security measures, they are requiring that these security measures be absolute and transparent.  Management of your firm’s technology and equipment assets now falls under the mandate of these security standards to which law firms must adhere.

Every firm is now beholden to know exactly what technology and equipment it has in its possession, its location, its lifecycle stage, and the established processes required to securely return and dispose of the assets at the end of its useful life.  As security measures evolve, so will the rate of technology equipment refresh alongside it– firms cannot afford the risk of deploying technology beyond its useful life.

Two vital components of your pragmatic information security policy are IT asset management and a refresh program that ensures your law firm is equipped with the most current updated hardware and software.  Leasing, as it turns out, is a financial tool which parallels your firm’s goals to achieve both, assisting your efforts to make your information security program bulletproof.

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