Enables Legal and Information Technology Departments Worldwide to More Easily and Effectively Manage Cybersecurity Risk Across Law Firm Partner Relationships
Sept. 28, 2017 — Wolters Kluwer’s ELM Solutions, today announced the release of 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.
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. 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.
“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.”
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 helps them accomplish this using on-line risk assessments, analysis tools and reporting dashboards. All of this provides 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.”
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.
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.
About Wolters Kluwer Governance, Risk & Compliance
Wolters Kluwer’s ELM Solutions is part of the Governance, Risk & Compliance (GRC) division of Wolters Kluwer. Wolters Kluwer GRC provides legal, finance, risk and compliance professionals and small business owners with a broad spectrum of solutions, services and expertise needed to help manage a myriad governance, risk and compliance needs in dynamic markets and regulatory environments.
Wolters Kluwer N.V. (AEX: WKL) is a global leader in information services and solutions for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors. Wolters Kluwer reported 2016 annual revenues of €4.3 billion. The company, headquartered in Alphen aan den Rijn, the Netherlands, serves customers in over 180 countries, maintains operations in over 40 countries and employs 19,000 people worldwide.