The growing and constant threat of cybersecurity breaches is something law firms need to address urgently and forcefully; but increasingly, they are falling behind on investment and commitment to create and maintain adequate privacy and data protection, according to several legal and cybersecurity experts.

The comments came as part of a panel on cybersecurity entitled, “Rumor of War: Regulation, Revelations & the State of Cybersecurity in 2017” at today’s Thomson Reuters’ Legal Executive Institute’s 7th Annual Law Firm CFO/CIO/COO Forum.

“The threat of cybersecurity breaches is the most significant threat this country, its business and its law firms face,” said panelist Timothy Murphy, President of Thomson Reuters Special Services, adding that in many cases, companies and law firms are outgunned by the sophistication of some hostile cyber-actors and are hamstrung by using outdated protections and inadequate resources. “Law firms, especially because of the data they hold, have to take this threat seriously,” Murphy urged. “They have to get engaged and stay on top of it.”

For more on this panel, click here. And for updates on the CFO/CIO/Coo Forum, visit Legal Executive Institute.