Law firms of all sizes are falling prey to cyberattacks, according to two reports released recently.
The Law Society Gazette reported that two Magic Circle firms were among 48 ‘elite’ firms targeted by criminals looking for inside information on mergers and acquisitions, while the Global Legal Post reported smaller law firms being targeted in Friday conveyancing completion attacks.
Whether it’s high-value commercial information at stake or relatively low value property deals, the message is clear: law firms need to be aware of the risk, be vigilant and ensure their security systems are fit-for-purpose.
Want to know more about practical strategies to mitigate the risk of a cyberattack, or about what to do if the worst does happen? If so, you might be interested in CLT's upcoming conference - see http://www.clt.co.uk/Conference/Cyber-Security-Understanding-and-Mitigating-the-Risks-2016-Conference/ for more details.
Hackers have stolen £85m from British law firms in the past 18 months in so-called 'Friday afternoon fraud'. The end of the working week is the preferred time to strike as this is when many housing deals complete and solicitors move their clients’ money. The targets are often smaller, high street law firms that lack strong internet security systems.