Latest Report: The 2022 Gartner® Market Guide for IT Vendor Risk Management Solutions
Law firms know that they are a perfect target for a cyberattack due to the volume of sensitive information that they store and have access to. A recent Robert Half Legal survey found that 41 percent of U.S. lawyers said that their law firm or company plans to increase spending on cybersecurity-related tools and services in the next 12 months. Law firms are also under increasing pressure from their clients to assess and manage the risk of outsourced services. Whether it’s an eDiscovery vendor, title company, or other outsourced service, they have an obligation to protect their client’s information should they choose to share it with a vendor. However, the process of managing vendor risk is a costly, time consuming, and a non-billable proposition. Fortunately, Prevalent has teamed up with top law firms to address this issue.
Prevalent’s Legal Vendor Network (LVN) was built by law firms, for law firms. Working closely with several national law firms, LVN was designed to focus specifically on a firm’s need to minimize the time and cost of assessing vendors, while making sure that necessary vendor risks are properly scrutinized. Once completed, vendor assessments are stored in a secure repository, so they can be quickly accessed by other LVN members who use that vendor’s services. Members have access to Prevalent’s industry leading vendor risk management software to review vendor due diligence, accept findings, or plan remediation efforts.
LVN members are finding that 30% - 50% of their vendors are already in the Network. With hundreds of assessed vendors and over 250,000 vendors being continuously monitored, it’s likely that many of your vendors are already in LVN too.
Why not take advantage of an established network to drive down the cost and time it takes you to conduct vendor assessments? Take a closer look at our Legal Vendor Network and see it for yourself.
Recent breaches serve as reminders for law firms to examine their third-party risk management programs. Here...
New flexible options to accommodate the required level of vendor oversight