In 2023, we are seeing the number of law firms being attacked by cybercriminals skyrocket. This is not only seen in large, international law firms – law firms of every size and speciality have reported being attacked by cybercriminals. However, this surprises many lawyers and solicitors, because in their minds, law firms are not the obvious choice for a cyber attack.
Unfortunately, law firms have many assets that make them attractive to cyber criminals and hackers, such as:
Financial Transactions
Many law firms are involved in a multitude of different financial transactions. Law firms often manage client funds or have access to many bank accounts in order to manage transactions on behalf of their clients. This is very common when it comes to commercial law and insurance law. This makes all law firms very popular with cybercriminals as if they can breach these systems, they can also access your money and funds. Hackers throw negative Impact of Environmental Law on law firms. The main motivation for cybercriminals is to steal as much money as they can, so if your business has access to these funds, you could be at risk.
A Massive Amount Of Data
Law firms need to access a lot of data in order to perform their responsibilities and operate accurately. Most law firms need to hold a lot of very confidential financial and personal data on a wide range of clients, possibly more than any other business. The amount of legal cases you will have to have information on is extremely high. You will need to access this information in order to work on behalf of your client. This makes you a massive target when it comes to cyber criminals and hackers, as this data can be exploited in order to make money. Sensitive data is often sold on the dark web to be exploited by other cyber criminals.
These two aspects are the two major reasons why your law firm is at risk of being exploited by cybercriminal gangs and individuals. But how will they come for your business? Here are the main ways in which cybercriminals are attacking law firms in 2023:
Ransomware
Ransomware is a type of malware which can be absolutely devastating to your everyday business operations. Ransomware can easily be accidentally downloaded onto your system – one of your staff could easily mistake the link for something else. When you download ransomware, it locks away your data and only returns it to you if you pay a huge sum. When saving your data is so important when it comes to growing your law firm, it is easy to imagine that many law firms end up paying hundreds of thousands for that data. This is one of the worst and most common cyber attacks against law firms at the minute.
Email Account Takeover
Criminals are also attacking business law firms through email account manipulation. If they can gain access to your business email accounts, they will be able to access all of your company programmes and data, which could be catastrophic when it comes to keeping your business safe online. If a cybercriminal takes over your email account, they could even steal from your clients by emailing them and asking them to complete a fraudulent transaction. Protecting your email system is one of the best things you can do to protect your law firm against cyber attacks.
Third-Party Attacks
Many cybercriminals won’t get at you directly – they’ll instead attack you via a trusted source. For example, if they manage to take down your web hosting provider or web developer, they’ll be able to attack you as well. However, this can also happen in between law firms – recently, an attack on barrister’s chambers ended up with malware spreading to instructed solicitors.
How Could A Cyber Attack Affect Your Business?
Unfortunately, there are many personal, professional and financial consequences that often come as a result of a criminal law firm cyber attack. Obviously, it could potentially cost you a very significant amount of money. It would cost you a lot of money when it comes to recovering your data, giving clients compensation, putting systems in place to protect your system and much more. Furthermore, you could lose money during the time your business is forced to stop running or your website has to come down. It could also mean that your cyber and business insurance plans go up, and depending on the attack, you could also be fined. A cyber attack could be financially devastating for your business.
Unfortunately, a cyber attack could also negatively affect your client relationships, which could cost you your professional reputation, and mean you get less business. On a personal level, if the cybercriminal has managed to steal your personal information, you could also be at risk if this is exploited. You may need to access a lot of sensitive data about your clients, especially when it comes to claims such as personal injury claims, or divorces. If this information is breached, it could hugely negatively impact your law firm.
What Can You Do To Protect Yourself?
There are many steps you need to take in order to protect your law firm against cybercriminal gangs and organisations. Firstly, you should be increasing your business cyber security presence and investing in antivirus programmes and device monitoring so your business can be protected. Secondly, it’s important to note that your staff are your first line of defence against a cyber attack- invest in educating them about cyber awareness. Lastly, you should also make sure to put a cyber incident response plan in place, so that you know what protocols to follow in case you do have a breach. This will make it much easier for you to mitigate possible damage and stop a cyber attack on your law firm in its tracks.
Author Bio:
Zoe-Louise is a freelance author who loves to write about business cyber security, and giving businesses financial and managerial advice. When she’s not writing, you can find her in a bookshop. Connect with her on Twitter here” @ZoeThomlinson