Direct Answer

A cybersecurity risk assessment identifies weaknesses that could expose your law firm to a security incident, data loss, financial loss, or unauthorized access to confidential information.

For a typical 10-25 employee law firm, the assessment should review the firm's technology, security practices, employee procedures, and protection of confidential information. The findings are then documented, prioritized by risk, and used to determine what should be addressed first.

A risk assessment answers a fundamental question: Where are we vulnerable, and what should we do about it?

Why This Matters

Law firms use multiple layers of security, including firewalls, endpoint protection, Multi-Factor Authentication, backups, email security, and employee training.

Having these safeguards does not tell you whether important gaps remain.

A cybersecurity risk assessment looks at the firm's security as a whole and identifies weaknesses before they become incidents.

Risk assessments may also be required by cybersecurity regulations, cyber insurance companies, or clients that require their law firms to maintain appropriate security practices.

Editor's Insight

You can't reduce risks you haven't identified.

A cybersecurity risk assessment is not simply an inventory of the security products your firm has purchased. It evaluates whether the safeguards protecting your firm are appropriate for the risks you face.

What Happens During a Cybersecurity Risk Assessment?

A useful risk assessment should follow an organized process.

1. Identify What Needs to Be Protected

The assessment begins by identifying the information, systems, and services the firm depends upon.

This may include:

  • Client files and confidential information
  • Email
  • Microsoft 365
  • Practice management and document management systems
  • Accounting and financial systems
  • Computers and servers
  • Cloud services
  • Backups
  • Remote access

You cannot evaluate risk without first knowing what you are protecting.

2. Review Existing Safeguards

Next, the assessor reviews the administrative, technical, and physical safeguards already in place.

Examples may include:

  • Multi-Factor Authentication
  • Firewalls
  • Endpoint protection
  • Email security
  • Backup systems
  • Security awareness training
  • Password policies
  • Access controls
  • Incident response procedures
  • Physical protection of computers and network equipment

The purpose is not simply to determine whether these safeguards exist. The assessment should determine whether they are properly implemented and appropriate for the firm's environment.

3. Identify Vulnerabilities and Risks

The assessment then looks for weaknesses that could expose the firm to a cybersecurity incident.

For example:

  • Accounts without MFA
  • Unsupported software
  • Inadequate backup protection
  • Excessive user permissions
  • Former employees who still have active accounts
  • Inadequate employee security training
  • Missing incident response procedures

Not every weakness presents the same level of risk.

The assessment should consider both the likelihood of a problem occurring and the potential impact on the firm.

4. Prioritize the Findings

A useful risk assessment does not hand the managing partner a long list of technical problems and say, "Fix everything."

The findings should be prioritized so the firm understands which issues require immediate attention and which can be addressed over time.

Critical risks should be addressed first, followed by lower-priority improvements.

This turns the assessment into an action plan rather than a technical report that sits on a shelf.

5. Document the Assessment and Remediation Plan

The findings should be documented along with recommended corrective actions.

The report should clearly identify:

  • What was reviewed
  • What safeguards are already in place
  • What weaknesses were discovered
  • The level of risk
  • Recommended corrective actions
  • Priorities for remediation

As improvements are completed, they should also be documented.

This provides the firm with a record of the assessment and the steps taken to reduce identified risks.

A Real-World Example

A firm requested a cybersecurity risk assessment because it recognized the need to upgrade its cybersecurity compliance, and protect against Business Email Compromise (BEC).

The firm already had a firewall, antivirus software, and backups.

Among the findings, the assessment indicated that Multi-Factor Authentication (MFA) was not implemented for their email, a critical protection against BEC.

The findings were prioritized, and Avenue M recommended addressing the most important risk first, implementing MFA.

The assessment did not tell the firm that it had no cybersecurity protection. It showed the firm where its existing protection needed to be strengthened, and provided a plan of action and a path to cybersecurity compliance.

Two Questions We Hear

If we already have cybersecurity protection, why do we need a risk assessment?

Because having security products and knowing your risks are two different things.

A firewall, endpoint protection, MFA, and backups provide important protection, but they do not tell you whether something important has been overlooked.

A risk assessment looks for those gaps.

How often should a law firm conduct a cybersecurity risk assessment?

A law firm should conduct a cybersecurity risk assessment annually and whenever significant changes occur in its technology, business operations, or security requirements.

An annual assessment provides a practical opportunity to identify new risks, review existing safeguards, and document improvements made during the previous year.

How Avenue M Helps

Avenue M helps law firms throughout New York and New Jersey identify and prioritize cybersecurity risks.

We review the firm's technology and security practices, identify weaknesses, and provide practical recommendations for reducing risk.

Our goal is not to give the firm a long list of technical findings. It is to identify what matters most and provide a clear path for addressing it.

Three Key Takeaways

  1. You can't reduce risks you haven't identified.
  2. A cybersecurity risk assessment evaluates more than security products. It identifies weaknesses in the technology, procedures, and safeguards protecting your firm.
  3. The findings should be prioritized so your firm knows what to address first.

Related Articles

Technology should help your law firm practice law more securely, efficiently, and confidently, not become another distraction.