Two reports, from the SRA and PwC, this month highlight the need for solicitors to become more alert to the most effective use and potential misuse of technology.
Technology not keeping pace with the threat
PwC's 2015 Law Firm Survey states that only 23% of firms surveyed have changed how they operate in response to technology shifts. The SRA reported last week that at least 50 firms have fallen victim to cyber-attacks in the last 9 months, with the losses ranging from £40,000 - £2,000,000 in each case.
UK law firms are particularly vulnerable to cyber crime. The combination of: the use of out-dated systems and technologies; the large sums of money moved into and from firms' client accounts; and a lack of awareness of many in the profession make law firms an attractive target for criminals.
It's not just money that is at risk, information is an increasingly valuable asset to cyber criminals.
Protect your clients and your business
Make sure you and your colleagues are aware of the risks and how to protect against them. Simple steps you can take NOW to help protect your business include:
- Keep cyber security front of mind - regular training and visual reminders around the office
- NEVER reveal your bank account security information on a website or over the phone
- Require two people to set up or authorise any high-value payments
- Ensure your systems are up to date. At a minimum: Do NOT use Windows XP; Internet Explorer v8 or run your systems on Microsoft Server 2003.
- Ideally do not use a free email account such as gmail, Hotmail or Yahoo mail, or share documents with Drop-box (unless you encrypt the document first).
- Do not access confidential information on an insecure (un-password protected) wifi network
Free resources to support your business
Watch our webinar on fraud and information security (see also the associated downloads, below).
Read our Vishing alert (and ensure your accounts/cashroom team do too).
Request our information security posters
Speak to us about your business risks. We can assist with a gaps analysis and provide practical advice on information and cyber security as well as arranging insurance solutions.
While your professional indemnity insurance will provide protection where a breach of your cyber security leads to a client claim, this does not address any wider costs. Our experience is that the quality and speed of breach response is a vital component in limiting damage – both in terms of operational and reputational issues.
Our range of cyber and breach response insurance policies, specifically tailored for the UK solicitors' market, provide good value protection for your business in the event of a cyber breach.