Cybercrime is a growing concern for individuals, businesses, and governments worldwide. With the increasing use of technology and reliance on the internet, cybercriminals are finding new ways to exploit vulnerabilities and steal sensitive information.
During the 2021–22 financial year, over 76,000 cybercrime reports were made via ReportCyber, an increase of nearly 13% from the previous financial year. As such, cybersecurity is an essential part of any business, especially for those within the legal industry. Law firms store and communicate a significant amount of confidential client data, that includes identity and monetary information, making them a prime target for cybercriminals. Cyberattacks can result in the loss of sensitive information, legal disputes, and even the loss of clients.
In a recent survey InfoTrack conducted, it was revealed that 15% of respondents have been impacted by cybercrime, with phishing and pharming accounting for close to 50%. The same survey revealed that more than three-quarters (77%) admitted they were most worried about their client’s money being lost due to cyberattacks. As such, it has never been more imperative to protect against cybercrime, so here are some top strategies you can implement in your firm.
Strategies
Education
Training yourself and your staff on cybersecurity best practices is an essential first step in protecting your law firm. Ensure that your staff are aware of the risks that cyber threats pose and understands how to identify them. This includes identifying phishing emails and suspicious website links. Educating staff also includes developing a cybersecurity culture within your law firm. It is important to inform staff about the types of attacks they face and the security best practices, such as password hygiene and data protection. Ensure they can recognize attacks and know how to report them.
To start your education journey, InfoTrack offers complimentary CPD Cyber Security Awareness Training, that provides expert advice and insights so you can be cyber aware. To help you protect your firm and your clients, the training focuses on topics including, how to identify fraudulent activity, how to protect against hacking attempts and what to do if your firm is hacked.
It is important to note, education is only effective when put into practice, so it is imperative to use the tips from training and enforce them in your firm.
Passwords
Passwords are the first line of defence against cyber threats. To protect your firm, ensure that all staff members use strong passwords and change them regularly. Even though this is common knowledge, a recent report has found that it is not often being put into practice. A password manager is a simple step to keep your various accounts and information secure. Additionally, consider implementing two-factor authentication for added security.
Invest in secure technology
To provide your firm enhanced security and help to meet compliance requirements, consider investing in secure technology. Cybercriminals are becoming increasingly sophisticated in their ability to intercept emails and phish sensitive information, so it is important to utilise secure platforms when exchanging sensitive information.
Securexchange provides a safe environment to exchange sensitive account information and avoid the risks of email fraud and stolen funds. The secure workspace is only accessible to a network of preauthorised users, so your client’s information doesn’t end up in the wrong hands. Investing in smart, secure technology like Securexchange is essential to keep your client’s and firm safe when exchanging sensitive documents and information.
Cybersecurity is crucial for law firms to protect confidential client data and prevent reputational damage. By following these tips and staying up to date with the latest cybersecurity threats and best practices, you can significantly reduce your risk of a cyberattack.
