Cybersecurity » Company Execs Want “FICO” Scores For Law Firms’ Security

Company Execs Want “FICO” Scores For Law Firms’ Security

May 1, 2018

An influential group of corporate executives is pushing for a system to grade law firms on the quality of their cybersecurity, creating a new industry standard. The idea was the subject of a panel discussion at a recent meeting of the Corporate Legal Operations Consortium, or CLOC, in Las Vegas. CLOC has members from about 700 companies, representing more than a quarter of the  Fortune 500. This could be as valuable as FICO scores are for credit ratings, said one member of the group. Advocates say a standardized assessment tool would be an improvement over the current ad hoc system, both for the client companies and the law firms themselves. Currently some companies do their own investigations, which can take months and involve lengthy questionnaires, and law firms may find themselves engaged in variations on that process for multiple companies.

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