Wolters Kluwer’s ELM Solutions has released its new Cybersecurity Risk Assessment application. The application “enables Legal, Information Technology and Security departments worldwide to automate on-line risk assessments with their law firm partners using a collaborative and secure environment for assessment survey execution and collection”. This allows them to not only reduce cybersecurity risk in working with outside counsel, but manage that risk in a more efficient, cost-effective way, the company says.
Wolters Kluwer notes that more legal departments are beginning to require law firm partners to demonstrate the effectiveness of their cybersecurity programs. “Data breaches at law firms are on the rise. The American Bar Association reports 26% of law firms experienced a breach in 2016,” the company adds. “And a recent survey by Gartner and Wolters Kluwer’s ELM Solutions found only a third of corporate legal departments at mid to large size companies across the globe had data security guidelines for outside counsel.
ELM Solutions’ Cybersecurity application offers Corporate Legal Departments, in conjunction with their Information Technology department, the ability to automate oversight of law firm partner performance against their organization’s cybersecurity policies. The Cybersecurity application claims to “help them accomplish this using on-line risk assessments, analysis tools and reporting dashboards.” The idea is to provide an organization with faster, easier and greater visibility into law firm partners’ IT security practices and compliance with corporate guidelines.
“Corporate legal departments are under even more pressure to ensure their law firm partners are in compliance with their cybersecurity requirements given recent high-profile data breaches,” said Jonah Paransky, Executive Vice President and General Manager of Wolters Kluwer’s ELM Solutions. “Our solution not only helps them manage compliance but also enables them to strengthen their ties with these valued partners by providing a more holistic view of these relationships.”
“Support from outside counsel and legal services providers is often critical to an organization’s success,” said R Jason Straight, Senior Vice President of Cyber Risk Solutions and Chief Privacy Officer at UnitedLex, an ELM Solutions business partner. “Managing third party risk associated with law firm partners and legal outsourcing providers more effectively is a priority for corporate legal departments. They are continually looking for new ways to make these relationships more secure and improve collaboration with these partners in demonstrating compliance with their own security guidelines.”
UnitedLex is a global provider of technology-powered legal, cyber risk and business solutions. Their more than 2,000 attorneys, engineers and consultants deploy the right blend of service and technology to provide unparalleled solutions that support the world’s leading corporations and law firms.
Wolters Kluwer’s ELM Solutions develops market-leading enterprise spend and matter management, analytics, and legal operations solutions for large corporate legal and insurance claims departments.
Earlier this year Wolters Kluwer’s ELM Solutions launched LegalVIEW® BillAnalyzer to help corporate legal departments and insurance claims organizations of all sizes more efficiently manage their incoming legal invoices and improve cost management. The LegalVIEW BillAnalyzer service “manages the entire invoicing review process through a combination of advanced technology, machine learning and expertise to ensure outside firm compliance with billing guidelines”, offering clients an average cost saving of 6 to 9 percent in legal fees