Law firms are routinely targeted as they handle sensitive client data of individuals and corporate clients they manage. This could not only cause disruption of their business but also potential reputation loss.
Cybercriminals in recent years have used sopisticated attack methods to obtain sensitive information from large companies such as Sony, Adobe, TalkTalk, Equifax and Marriott Hotels. According to the Ponemon Institute's 2017 State of Cybersecurity in Small & Medium-Sized Businesses report, the percentage of small businesses that have experienced a cyber attack in the past 12 months is up from 55% in 2016 to 61% in 2017.
Law firms are cross-border but decentralised. Their clients are increasingly demanding proof that key suppliers such as law firms are implementing appropriate cybersecurity measures. This can be done by adhering to a cyber security plan that helps them assess their risks and draw up a plan based on the findings.
In addition to the loss of sensitive information, firms face a loss of trust of their clients after a compromise. A legal firm that can’t safeguard its client data will lose the clients it has and struggle to attract new ones.
Consequently, it has grown imperative for law firms to be able to achieve better visibility about what is happening across their systems and to understand how data is being stored, accessed and used. Today it’s a matter of ‘when’ and not ‘if’ a perimeter defence will be breached as increasingly sophisticated cyberattacks bombard organisations of all kinds.
NCSC reported that the combination of financial gain and sensitive information, as well as the increasing automation within the legal sector create a struggle in maintaining a secure technology environment, meaning that legal firms remain an attractive target for cybercriminals.
A denial-of-service (DoS) is a type of cyber-attack in which a threat actor aims to render a computer, network or other devices accessible over the Internet unavailable to its intended users. DoS attacks typically function by overwhelming or flooding a targeted machine with requests until normal traffic is unable to be processed, resulting in denial-of-service to other users.
A supply chain is a chain of dependencies in goods or services. Supply chain compromise is the manipulation of products or product delivery mechanisms prior to receipt by a final consumer for the purpose of data or system threat. A supply chain can be compromised in various ways, for example, through the exploitation of third-party data stores or software providers.
Ransomware has quickly become one of the most dangerous cybercrime threats organisations are facing . Over the past two years, the number of organizations being hit with targeted ransomware attacks has multiplied as the number of gangs carrying out these attacks has proliferated. Paying the ransom does not guarantee that you will get access to your data and threat actors may assume that you would be open to paying ransoms in the future
The loss of client information can have a devastating impact on a sector that has confidentiality at the heart of its business. Firms storing sensitive information, third party data, transactional records are likely to be at a higher risk of data breach than a local high street firm. Therefore, it goes without doubt that secure information storage and processing practices would help minimise the attack surface.
A threat actor attempts to obtain financial or other sensitive information about your clients from third parties by impersonating as your firm either through emails or a phone call. This is possible by posing as a lender or clients who are just as likely to hack into your firm’s systems to steal client monies sitting, awaiting completion. This is possible by accessing and altering email correspondence between the client and their solicitor so that funds are redirected.
Spear phishing attack is usually personalized. Hackers normally include some personal data in the phishing emails, such as the name of the victim, their role in the company or even (for a personal touch) their phone number. The reason for this is to gain their confidence and, therefore, obtain the information they need to compromise the corporate network and access the confidential data they are looking for.
This section provides information around our specific experience in this sector.
If it is not already, protecting your firm from the risk of cyber attack should be high on your agenda. According to HM Government there are around 1,400 criminal organisations who are actively targeting the legal sector at this very moment
UK IT business leaders prefer to brush data breaches under the carpet while less than one percent of cyber-crimes reported result in prosecution.
