The dangers of not having an IT lifecycle management plan

Firms face a host of cyber and regulatory risks, plus a potential loss of data and productivity, if they don’t develop an IT lifecycle management plan, says Nick Hayne, head of professional services at Quiss.

Technology is becoming increasingly important for law firms as they overcome the challenges of increasing competition across the sector and clients of every size demand more for less and expect everything delivered more quickly.

Collaboration with colleagues working from home and better communication with clients are just two scenarios that rely heavily on technology, to say nothing of the need to store and protect sensitive data.

However, as technology continues to evolve, so do the risks associated with it, and not having an IT lifecycle management plan (ITLMP) can threaten the security and efficiency of any law firm, whatever its size.

An ITLPM is essential for law firms, delivering a number of advantages:

1. Increased risk of cybersecurity threats

Without a robust ITLMP, law firms leave themselves vulnerable to cybersecurity threats as hackers find new ways to exploit vulnerabilities in older systems as technology advances. A plan can help ensure all security patches and updates are applied quickly, to help reduce the risk of cyber-attacks. It will also help law firms identify potential risks and proactively address them before they become a major issue.

2. Loss of productivity

Technology is designed to make lives easier, but without proper management, it can have the opposite effect. When hardware and software are not maintained or updated regularly, they can become slow, unresponsive, or even crash, which can lead to downtime and loss of productivity. A credible ITLMP ensures technology is always current and reduces the risk of system failures and downtime.

3. Increased costs

Without a plan, law firms may miss critical software or hardware updates, which could require expensive repairs or even replacements. Additionally, without a proper maintenance plan, equipment can fail and need to be replaced prematurely, but by implementing an IT Lifecycle Management Plan, technology is maintained properly and the risk of unexpected expenses is cut.

4. Compliance and regulatory risks

Law firms are subject to a range of compliance and regulatory requirements and failure to comply can result in fines, action by the regulators and damage to the firm’s reputation. An ITLMP can help businesses stay compliant with these requirements by ensuring that software and hardware are current, with security protocols in place to protect sensitive data.

5. Obsolete technology

Without an ITLMP, law firms risk falling behind on technology, hindering their ability to compete in today’s challenging environment. Outdated technology can deliver slower performance, reduced efficiency and lower productivity, whereas an ITLMP will ensure a firm’s technology is up to date and give it a competitive edge.

6. Loss of data

Information is the lifeblood of every law firm and losing data can be catastrophic. Without an ITLMP a firm risks data loss due to hardware failures, software bugs, or cyberattacks. With a plan, firms can ensure their data is backed-up regularly, with proper security protocols implemented to protect it.

7. Difficulty scaling

As businesses grow, their technology needs will change and lack of an ITLMP may cause firms to struggle to scale their technology to meet their growing needs. A robust plan will help identify potential issues and provide a roadmap for upgrading the appropriate technology.

It’s clear that not having a plan poses a risk to the security and efficiency of any law firm. A thorough plan can reduce the risk of cyberattacks and help tackle loss of productivity, increased costs, compliance and regulatory risks, outdated technology, loss of data, and difficulty scaling.