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Cybercrime is more prevalent than ever
As hybrid working and virtual legal firms evolve, so too will the severity and sophistication of cyber-attacks against law firms.
One of the challenges in dealing with cyber risk is a lack of appreciation by some legal practitioners about the nature and extent of the risk and how best to respond. Despite numerous warnings published by the Legal Practitioners Insurance Indemnity Fund (LPIIF) and others.
Take Precaution. Be Cybersmart
The danger of not investing in cybersecurity for smaller firms is that they will not be seen to be protecting clients in the same way that big firms are.
Cyber-attacks are a “clear risk” to clients and the costs of restoring systems and data could be “very significant” to the point of threatening a practice’s viability.
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Even if cyber liability insurance, is taken out, the insured has an obligation to establish and maintain appropriate security measures as a condition of the grant of insurance cover.
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“Business e-mail compromise” is perhaps the most prevalent fraud yet it is not very sophisticated from a cyber perspective.
As a regulatory and compliance matter, appropriate internal controls must be developed, implemented, and monitored to mitigate exposure to this risk.