Cyberattacks against law firms have become more persistent and successful, in part because they have caught the legal industry off guard. But like other industries in the modern economy, the legal world was vulnerable to attacksalso because of the rapidly evolved connectedness which with devices can communicate, and hackers can breach. The Internet of Things (IoT), after all, has arrived faster than any BYOD policy or FRCP rule can handle, and according to one report, cybersecurity firms have only recently begun finding success protecting a mobile data.
Lux Research’s “Cybersecurity Venture Investment in Pervasive Computing and the IoT” found that funding for IoT Cybersecurity companies set a new record for the past two years, with 2015 bringing in $288 million, 74 percent more than 2014. Funding remained static at roughly $50 million from 2000 and 2013, while in 2014 it spiked to $128 million. For the first two months of 2016, funding has hit $78 million, which led Lux Research to estimate the market will reach a new high of $400 million by the end of the year.
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