Complacency breeds risk
A dangerous complacency has set in among law firm and cybersecurity professionals alike, leaving the SME legal sector more vulnerable than ever to increasingly prolific cyberattacks – says Nick Hayne, head of professional services at Quiss.
Given the news is full of stories covering the cost-of-living crisis, the war in Ukraine, strikes and the dire condition of the UK economy, one could be forgiven for believing cybercrime is a thing of the past and organisations can relax a little.
However, in reality the opposite is true, especially for those organisations that rely on huge amounts of often sensitive information, such as law firms. There is evidence that fatigue has set in amongst cybersecurity professionals, who have been in a heightened state of alert for the last five years.
Now the cybercriminals are exploiting this security fatigue to target not just law firms, but the wider ecosystem of support they rely on, including external service providers and organisations that work is outsourced to.
Law firms are facing sustained and repeated attacks from increasingly sophisticated criminals, who face little risk of being caught and punished for their activities. While we often hear about the ‘war on drugs’, there is little government action against the hackers, with the focus on organisations protecting themselves, rather the authorities pursuing the criminals.
No risk and big rewards
And the return on investment for criminals is much higher when compared to other activities like drug or human trafficking, so the focus on cybercrime and law firms in particular is not surprising, with attacks often being state-sponsored and well-coordinated. Since the invasion of Ukraine, Russian-based phishing attacks targeting European and US-based businesses have increased eight-fold.
All of which makes law firms an increasingly attractive target, thanks to the potential to divert funds and also to steal or ransom the confidential corporate information they will handle during sensitive legal work, litigation or in advance of mergers or acquisitions.
For a business that relies on complete trust from its clients, any break in that trust caused by systems being compromised, funds being stolen or data held to ransom will create reputational and financial losses that many firms will not survive.
There are many reasons why law firms need to review their position on cyber security, but given our experience in the sector, we have highlighted five that you should consider closely.
Protection of confidential client information. Law firms handle sensitive and confidential information on a daily basis, such as personal identification numbers, financial data, and legal strategies. Cybersecurity measures are necessary to protect this information from cyberattacks and data breaches.
Compliance with regulations. Law firms are subject to various regulations, such as the General Data Protection Regulation (GDPR) and the Health Insurance Portability and Accountability Act (HIPAA), which require them to implement certain cybersecurity measures to protect client information.
Reputation and trust. A cyberattack or data breach can severely damage a law firm’s reputation and cause clients to lose trust in the firm. Prioritising cybersecurity helps to maintain a positive reputation and build trust with clients.
Legal liability. Law firms can face legal liability if they fail to implement adequate cybersecurity measures and a data breach occurs. This can result in costly lawsuits and settlements.
Cybersecurity is a business continuity. Cybersecurity is essential for the smooth operation of a law firm and its ability to continue providing services to clients. A cyberattack or data breach can disrupt operations and cause significant financial losses.
The risk of cyber-crime is now the cost of doing business in the UK and until the authorities take hunting down the criminals seriously, it is up to organisations to defend themselves, with all the means at their disposal. So please get in touch and we’ll explain how Quiss can help.
