"Cybersecurity has become a critical concern for the legal ecosystem, not only in Cyprus but globally, particularly for law firms that handle and retain highly sensitive client information, Nicos Papaeftstathiou, Managing Partner, Tassos Papadopoulos & Associates LLC suggests.
In a recent interview with GOLD magazine, Papaefstathiou also notes that, "Technological disruption is more than welcome as the new tools can be wonderful assistants, provided that they are used wisely, carefully and we always bear in mind that they are meant to assist, not replace – not yet, at least!"
Among other things he, in addition, talks about evolving client priorities and the pressing challenges currently impacting the local legal sector.
Evolving client expectations, disruptive technology and growing competition are forcing law firms to rethink the way they deliver legal services. How is your firm adapting to this new reality?
We are facing a contradiction in terms where, on the one hand, legal specialisation is vital and inevitable at a time when the density and depth of legislation is constantly on the rise, and on the other hand, clients expect more from their lawyers than pure, in-depth legal knowledge (that is a given). Lawyers are called upon to understand their clients’ businesses, to be familiar with their business environment, aware of their challenges and able to provide counsel and guidance broadly, quickly and effectively.
With this in mind, technological disruption is more than welcome as the new tools can be wonderful assistants, provided that they are used wisely, carefully and we always bear in mind that they are meant to assist, not replace – not yet, at least! So, to achieve specialisation and business acumen, technology can certainly lend a hand.
When it comes to rethinking how legal services are delivered, it isn’t how services are delivered that one needs to consider but rather how lawyers will become more rounded and more equipped to offer services of the highest standard in this demanding and competitive environment. Competition often becomes fierce, but what is not always apparent is that apples are not always being compared to apples – speed may be confused with efficiency and a conclusion may be confused with a job well done.
At our firm, we invest in our people and believe in training, continuous learning and exposure. Upskilling and even reskilling where required are embraced and sought after because, at the end of the day, it is acknowledged that it’s in the interest of all stakeholders.
How have client priorities evolved and, looking ahead, which areas do you expect to demonstrate the most rapid growth?
If one takes a bird’s-eye view, priorities may seem to evolve but what has evolved are the business decisions and strategies aimed at securing interests and financial positions. In business, technology has taken a front seat in dispute resolution, alternative methods of resolving disputes are increasingly being sought and in corporations, geopolitics and tax have a big impact on investment and divestment decisions, mergers and acquisitions.
The local legal profession is facing internal headwinds, from the stalled e-Justice system to the uncertainty surrounding the proposed Single Supervisory Authority. In your view, what are the most pressing challenges that need to be addressed?
Our legal ecosystem faces several pressing challenges that impact its efficiency and international competitiveness. One of the primary challenges is the issue of judicial delays, with civil and commercial cases often taking years to reach resolution, which undermines legal certainty and investor confidence. Digitalisation initiatives are underway but court inefficiencies and case backlogs remain significant obstacles.
Another major concern is the bureaucratic complexity – and sometimes uncertainty – of legal and regulatory processes, which often slow down business transactions and create administrative burdens. This unpredictability affects not only legal practitioners but also businesses seeking reliable legal frameworks for operation and dispute resolution. Additionally, aspects of Cypriot legislation, especially in emerging sectors such as fintech, renewable energy and digital services, require modernisation to meet the needs of a changing global economy.
Addressing these issues through targeted reforms, greater institutional coordination and a commitment to simplification and transparency will go a long way to improving the local legal ecosystem and is also essential for reinforcing Cyprus’ reputation as a reliable and efficient jurisdiction.
How are international geopolitical tensions, trade-related uncertainty and other problems shaping the business and investment landscape in Cyprus?
Cyprus is no stranger to geopolitical tensions, given its position in the easternmost corner of the Mediterranean. In recent years, regional instability, which goes hand in hand with trade disruptions and shifting political alliances, has led both individuals and companies to seek more stable, safe and welcoming EU-based jurisdictions for relocation and investment. Cyprus has traditionally been seen as a safe, strategically located hub and we have invited this interest.
Over the past 2-3 decades, we have sought to translate this into practical incentives, offering legal, tax and regulatory frameworks that support new businesses, relocations and cross-border operations. If we want to capitalise on this momentum, we must ensure that inefficiencies such as bureaucracy, slow decision-making and delayed digital transformation do not undermine our attractiveness or affect the confidence of those choosing Cyprus as their new base.
The global environment may be turbulent but it has also opened a door for Cyprus to strengthen its role as a stable and responsive jurisdiction for international business and we need to be agile and forward-looking to meet expectations and even exceed them.
Finally, which aspect of the legal industry do you expect to be most disrupted by technology over the next five years and how are you preparing for it?
I spoke about technological tools earlier, so allow me to mention another technology-related issue: data security. Cybersecurity has become a critical concern for the legal ecosystem, not only in Cyprus but globally, particularly for law firms that handle and retain highly sensitive client information.
Legal practitioners increasingly rely on digital communication, cloud storage and online case management systems, which have tremendously improved organisation, efficiency and security. At the same time, however, the risks associated with data breaches, cyberattacks and unauthorised access have grown exponentially. Law firms are attractive targets due to the volume and confidentiality of the data they process.
At our firm, we recognise the gravity of this risk and we have made client data protection a top priority. It was a very conscious and strategic decision to invest in robust cybersecurity infrastructure, policies and protocols, and continuous training. This culminated with our certification under the ISO 27001 standard for information security management. In a legal environment where trust and discretion are paramount, we believe that cybersecurity is not just a technical necessity but a core component of responsible legal practice.
(Original photo by TASPHO)
This interview first appeared in the August edition of GOLD magazine. Click here to view it.
