Cyber-security overtakes AI as top investment priority for law firms

A survey of the UK’s largest law firms, conducted by HSBC UK in partnership with The Lawyermagazine, suggests that investment in cyber-security is topping their list of tech investment priorities after 70 per cent admitted experiencing a cyber-attack.
More than four-out-of-five (84 per cent) firms cite cyber-security as their main technology focus over the next three years. A quarter of firms have reported a cyber-attack within the last two years alone.
The second annual report by HSBC UK shows cyber-security overtaking Artificial Intelligence (AI) as law firms’ number one investment focus, pushing AI investment into third place. This is despite plans to invest in AI rising from 65 per cent to 68 per cent since last year.
Simon Adcock, HSBC UK’s Head of Professional Services, said: “With such a high proportion of firms exposed to cyber-attacks, it’s not surprising that improving cyber-security is of such importance. The frequency and sophistication of attacks is continuing to rise and recent high-profile incidents have only served to underline this, demonstrating the potentially catastrophic impact that a breach can have on a law firm.”
The findings also suggest that investment in new and innovative technology, such as AI and automation, is about to peak. According to HSBC UK, the most plausible reason for this is that many firms have already purchased and implemented the systems they need and are now working on maximising the capability of those systems and assessing the return on their investment.
As such, firms are anticipating a shift in their spending over the next three years, with the majority (60 per cent) of their tech investment going on ‘business as usual’ (BAU) requirements, such as Practice Management Systems and Customer Relationship Management tools, rather than focusing solely on innovative and emerging tech.
Simon Adcock continued: “It’s seemed like every major law firm has been rushing to invest in AI and machine learning over the last few years to bring benefits to clients and stay ahead of the competition. While this will continue, our research points to a slight change of direction on the horizon to BAU requirements while they digest and evaluate the returns that these new platforms are delivering.”
Source londonlovesbusiness
Industry: Cyber Security News

Latest Jobs
-
- Outside IR 35 CONTRACT SC CLEARED Cyber Security Operations Analyst SPLUNK ES- UK REMOTE- £500 a day.
- N/A
- 500
-
6 month contract Outside IR35 Operational Cyber Security Analyst. Hands on Splunk Security Enterprise and Security clearance is required As is someone that holds SC clearance. SOC and Vulnerability management experience. Vulnerability Analysis / Management - Tenable
-
- SailPoint Consultant
- Sweden
- Upto €80,000
-
SailPoint Consultant is need for this rapidly expanding global business, The business is currently in the middle of a SailPoint Deployment, they require an experienced Consultant who is able to help them on this Journey You will be responsible for helping to configure and deploy SailPoint as well as on board applications onto the platform You will also work with the business to understand workflow and process to help align the way the business works to ensure that the business gets the most from the deployment We are looking for an experienced SailPoint consultant who has experience with both Deployment and BAU work and is interested in joining a business which is at the start of an interesting IAM Journey
-
- SOC Manager Security Operations. SIEM, Threat / Vulnerability, IR, SOC Service- Exclusive
- United Kingdom
- 90,000+
-
SOC Manager- SIEM, Threat / Vulnerability, Incident response. Exclusive Project. Management and on growth growth of Security Operations Centre capability. Managing and maturing the team, technical services line and fronting client engagements where needed. An in-depth technical background is essential, experience across SOC SIEM/ Threat Hunting (IR) tools, processes, techniques, operational is a MUST. The role will include, but not limited to; evolving the technical process, building operational capability, managing and hiring team, involved at a high level overviewing policy/playbooks, fine turning of the go-to-market collateral etc.
-
- Contact 12 month- Security Operations- Tanium Engineer / Analyst.
- United Kingdom
- Dependent on experience
-
Security Operations engineer / Analyst with Tanium for a 12 month contract. Experience configuring using, managing, supporting troubleshooting Tanium's suite of end point solutions is essential. The opportunity is due to a client expanding its international capability to a follow the sun model. To be involved in spinning up a European capability. Based in the UK. English essential and ideally being fluent in French.