In the current threat landscape, cyber security for law firms is essential. Cyber-attacks overall have grown by more than 60% in the last two years, and the number of top 100 law firms experiencing an attack has risen from 45% in 2018/19 to 73% in 2021/22. Cyber security is especially important for legal firms due to the sensitivity and confidentiality of the client data they hold. Cybercrime is getting more sophisticated – so it’s important to have your firm’s cyber security up to date.
According to IBM’s Cost of a Data Breach 2022, the average total cost of a data breach in the UK is £3.36 million, up by over £1 million in comparison to 2015. The study also found that breaches in the legal sector averaged significantly more.
The primary threat to the UK legal sector is attributed to cyber criminals with a financial motive. In addition to this, however, the National Cyber Security Centre state that the “hacktivist” community are increasingly targeting law firms for political, economic, or ideological reasons.
Cyber Threats to Law Firms
Phishing
This is the most common form of attack, where criminals attempt to obtain sensitive information or gain access to client funds through impersonation – usually via email.
84% of law firms fall victim to these. Alarmingly research shows that only 16% of the top 95 law firms in the UK have sufficient measures in place to fully protect against email fraud. The financial burden of email fraud attacks is often crippling to many organisations so cyber security for law firms is crucial.
Ransomware
This is malicious software that encrypts a user or organisation’s data, rendering them unable to access files, applications or systems until a ransom is paid.
The two most common ways for ransomware to pervade are phishing emails and URLs embedded either in emails or websites. The rise of remote working is thought to have been a key cause of the recent rise in ransomware attacks.
According to a survey by Capterra, nearly 70% of law firms targeted by such an attack paid the full ransom that cybercriminals demanded from them. And regardless of whether they paid, one-third of the victims never regained access to their stolen files.
Supply Chain Compromises
Cyber security risks associated with the use of third-party suppliers by law firms have been highlighted as a major concern by the UK National Cyber Security Centre. The NCSC Cyber Threat Assessment for the UK Legal Sector report confirms that supply chain compromises increased by as much as 200% in 2017. All law firms rely on suppliers, and if they are compromised then that has a direct impact on the security of a firm’s data.
How a Cyber Threat can Impact Law Firms
Loss of or corrupted data is the direct consequence of a cyber-attack. As a result of this however, additional devastating implications are likely to follow:
- Higher insurance premiums
- Financial instability
- Wasted time
- Damage to client relationships
- Stress and pressure on staff
- Damaged reputation
These can have a permanent effect on your law firm’s future success.
Cyber Security for Law Firms
All law firms need to undertake proper cyber risk management as required under UK GDPR and by the SRA. This involves assessing your cyber risks and putting in place the appropriate measures to control those risks.
Research has found that the cost of protecting a firm against cyber threats is lower than the losses that would be incurred after a successful attack.
How 848 Can Help Your Law Firm Improve its Cyber Security
At 848, we deliver bespoke and integrated solutions built on foundations of security, privacy, compliance, and transparency. From the root up, we have fundamentally improved how clients such as a leading financial firm monitor and protect its data.
We can help you to:
- Control and protect your data with Microsoft 365 and enable secure remote collaboration with enterprise-level security and compliance in Teams.
- Reduce costs and complexity with a highly secure cloud foundation. We deploy Azure environments that feature multi-layered, built-in security controls and unique threat intelligence to help you identify and protect your organisation from evolving threats.
- Keep staff secure and productive from anywhere, on any device, with innovative identification and intelligence in Enterprise Mobility + Security and more.
- Deliver in depth security reviews and vulnerability assessments to identify your security weaknesses and put you on the path to a more secure (and often more cost-effective) cyber security posture.