Cybercrime Declares War On The Legal Profession
The ramifications of cybercrime can be devastating to both large and small firms and it seems legal Practices are viewed as a prime targets because of the diverse information they hold about themselves and their clients including financial and sensitive information.
As Cybercrime continues to dominate headlines both nationally, locally and in the business & IT press it is becoming clear that hackers are declaring war on the business world generally but that law firms are particularly attractive.
The so-called ‘hacktivists’ are moving up the ranks in terms of sophistication. A BT-KPMG report in July this year warned of the ‘industrialisation of cybercrime’ having seen clear evidence that today’s cybercriminal works for complex operations akin to businesses with human resources departments and budgets for research and development.
The BBC reported a few months ago that a solicitor from Surrey was tricked into transferring over £700K of client money into a cyber criminal’s bank account. CDR magazine this week talks about the great threat to larger law firms and in America The Recorder says law firms have become a very attractive ‘one-stop-shop’ for hackers.
As the Government announces that two thirds of large UK businesses have been hit by cybercrime during the last year, it is clear that businesses of all sizes and sectors are at risk. It is no longer lone hackers attacking small businesses and the general public and in some echelons it feels like out and out war.
The BT-KPMG report found that while 97% of firms have suffered a cyber-attack, only a fifth of technology chiefs at those firms felt well enough equipped to deal with organised cybercrime.
The Government published a paper for businesses in July “Ten Steps To Cyber Security“. The Solicitors Regulation Authority has published a paper online for law firms setting out the risks of Cybercrime and practical examples of how it has affected law firms with a range of measures that firms can take to protect themselves and their clients. Core Legal, supplier sourcing service provider for the legal profession, are covering cybercrime at their next seminar in London.
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