Law firms under attack! Cybercrime and fraud is one of the top risks facing law firms.
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Sophisticated fraudsters are targeting law firms with bogus law firms posing as a genuine firm and the use of voice phishing (vishing) scams to steal client money. Cyber-attacks in the form of malware and ransomware viruses grow more common by the day. Law firms hold sensitive information, transact large volumes of client monies and deal with time critical transactions which makes them a prime target for fraudsters posing as legitimate parties to defraud money or hack into their systems. The heavy reliance on technology and email being the default communication with clients leaves us easily exposed to cyber-attacks.
All these attacks can cause huge damage and present a real danger to firms and their clients which can lead to a multitude of regulatory, reputational and business challenges.
Our members and the legal community need to be alert to these risks in protecting client’s money, information and assets. The ILFM is committed to raising awareness of cybercrime and helping our members mitigate the risk of becoming a victim of fraud.
- Friday afternoon fraud cost the industry £50m within 6 weeks according to QBE insurers. Read more here >
- 700 plus reports of bogus law firms were made to the SRA in 2014 up from 548 in previous year
- Human error was involved in more than 95% of all cyber security incidents investigated in 2014
- The average company goes 229 days before realising they have been breached
- 250,000 new malware viruses everyday
- 30,000 new infected websites everyday - 80% were small business websites
Help us fight cybercrime and fraud.
The biggest defence is sharing information and insider knowledge about these attacks and threats. We would encourage members to contact the ILFM to share their own experiences in combating fraud and cybercrime. We will only release the threats and no information about your firm unless you give us permission.
Law Society Gazette Article: Criminals Raid 50 Firms in Cyberattacks this Year - SRA
What delegates have said about the ILFM Cybercrime and Fraud Workshops:
An excellent course, very informative and thought provoking with lots of useful information to take back to the practice - Dec 2015
The course was very informative and really brought home the problems of cybercrime and how it affects law firms and individuals - Dec 2015
Eye opening so see what other firms have been through....so far we have been lucky - Dec 2015
Excellent, completely relevant and exactly at the right level. Really valuable information and lots to follow up on. - Nov 2015
Good clear presentation which included what you should do if you have suffered a cyber attack. Nov 2015
This course is essential - to be made as aware as possible on this topic - the course allayed some fears but hi-lighted areas not considered previously. - Nov 2015