Law Practice Management

Banks and law firms are collaborating on project to share info about cybersecurity threats

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A number of Wall Street banks are collaborating with BigLaw firms on a project that would potentially allow the legal industry to share information, anonymously, about cybersecurity threats they may be experiencing.

“A lot of this started because the banks were individually talking to the law firms about security information and someone said, ‘This is ludicrous, let’s do it together,’ ” Anish Bhimani tells the DealBook page of the New York Times (reg. req.). A managing director at JP Morgan Chase, he serves as chairman of the Financial Services Information Sharing and Analysis Center, an established group that facilitates transmission of such information to the financial industry.

Law firms could potentially participate as an adjunct to the financial group, the newspaper explains. In addition to major law firms such as Cravath Swaine & Moore and Sullivan & Cromwell, representatives of the International Legal Technology Association have participated in discussions about sharing cybersecurity information between the financial and legal industry.

Related coverage:

Christian Science Monitor: “Opinion: Information sharing works best if intel comes with an action plan”

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