Ten reasons you need to get serious about cybersecurity – find out with Jayva Global
Legal news headlines show it’s time for law firms to position cybersecurity high up on their IT agendas. August alone saw numerous household names in the unwanted spotlight for cyber-related offences – law firms, BPP, Electoral Commission and, even, the Solicitors Regulation Authority (SRA) amongst them.
It should come as no surprise, then, to learn than practices are prime targets for cybercriminals. Consider for a moment the volume of sensitive client and matter information, and confidential financial records your business holds. This data is extremely valuable to you – which is why it’s also immensely tempting to lawless individuals.
If you need further convincing to prioritise cybersecurity, we’ve collated ten compelling reasons why right here…
#1: Cybercrime is rising at an alarming rate
Results of the government’s Cybersecurity Breaches Survey 2023 identify 69% of large businesses and 59% of medium businesses reporting breaches or attacks in the past twelve months. Further statistics come from the Global Cybersecurity Index which places the UK in second place globally, behind the USA, for cybercrime. There’s plentiful and unequivocal evidence that cybercrime is on the up in our country.
#2: Being a victim of cybercrime is costly
The actual cost to the aforementioned businesses referenced in the government’s survey is estimated at £15,300 per victim – a number underscored by IBM’s findings of $5.05 million being the average overall cost in the UK. According to figures published by the Independent, cybercrime costs are predicted to reach £8.4 trillion annually by 2025. It’s a lucrative ventures for cyber lawbreakers looking for easy money.
#3: Cyber protection ensure business continuity and prevents downtime
Continuing on the cost theme, if your fee earners and back office teams are unable to work due to an unexpected and disruptive cyber incident, the associated downtime significantly impacts revenue. Your solicitors can’t record their time and log other fees if your systems are temporarily unavailable. Use this formula to calculate your approximate financial toll during periods of inactivity:
Downtime cost = minutes of downtime x cost per minute
#4: Your reputation’s hanging in the balance
Cast your mind back to those organisations in the headlines mentioned earlier. Just one instance of bad publicity can ruin your reputation forever. Even if you don’t lose clients as a direct result of a cyber episode, you can still suffer customer wastage as they go elsewhere seeking legal representation once their confidence in your law firm wanes.
#5: Cybersecurity is crucial in a hybrid world
In a fully hybrid environment, you’re responsible for the digital security of home workers, staff working remotely elsewhere (such as court) and employees at your physical offices. Think how cybercrime rates increased by 125% during the Covid-19 pandemic when home working became the widespread norm. Add into the mixing pot multiple office sites at worldwide locations and you’ve got quite a challenge on your hands. Each situation poses its own unique cyber risks and must be suitably mitigated.
#6: Being cyber robust is part-and-parcel of compliance
You have obligations to safeguard client data and monies as dictated by the SRA’s Standards and Regulations and Accounts Rules, Council for Licensed Conveyancers’ Accounts Code, Law Society of Scotland’s Standards and Accounts Rules, State Bar’s Handbook (depending upon your jurisdiction), GDPR, Data Protection Act and other enforceable legislation. Fail to do so – and there are consequences of regulatory non-compliance. Worst case scenario, your licence to practise law can be revoked.
“By taking proactive steps to address cyber threats, we can continue to protect the rule of law, ensure access to justice, and provide secure legal services that allow businesses, individuals, and the wider economy to thrive.” – Lubna Shuja, President, The Law Society, National Cyber Security Centre’s Cyber Threat Report
#7: Cybercrime’s becoming ever-more sophisticated
The SRA’s latest Risk Outlook identifies the three greatest cyber threats affecting the legal market as being phishing, ransomware and third-party attacks. But, the risks don’t end there. Some other types of cybercrime comprise malware, cyberstalking, business email compromise, password attacks, identity theft, spyware, man-in-the-middle attacks, denial-of-service attacks, computer viruses, botnets, social engineering… the list goes on. Now, cybercrime can even be powered by artificial intelligence. It’s a worrying state of play and the future is menacing.
#8: Prioritising security gives you a competitive edge
Marketing and business development is all about differentiating your law firm from its competitors. Showcasing digital credential badges in your marketing materials makes you stand out as being a responsible legal services provider who’s keeping clients’ data out of harm’s way. There’s ISO certification and Cyber Essentials accreditation for starters.
#9: Peace of mind shouldn’t be underestimated
An infrastructure built with cyber measures at its core, backed by a tried-and-tested disaster recovery plan, gives you the reassurance of reliability and invulnerability. Having complete faith in your technology and those operating it allows you to sleep better at night. Owners and managers have enough on their minds already, so it’s one less thing to worry about.
#10: Teamworking is heightened by a fortified network
As a services organisation, your people are your biggest asset and pivotal to your success. By giving your teams the toolkit they need to perform optimally, collaborate closely and share sensitive information without security concerns, service standards will skyrocket – and profitability will too, as satisfied clients will send more instructions your way.
“Sadly, we hear all too frequently the deep and true impact of cybercrime in law firms, both to the business themselves and their consumers. Even law firms with the most robust cybersecurity protocols and technology can still fall victim to the unscrupulous criminals who are growing in number. We’ve seen some of our clients subjected to hacking, ransomware and fraudulent bank transactions. We’ve witnessed emails intercepted and bank details changed so large values of money have been stolen, rather than sent to the intended recipient. These crimes have far-reaching consequences, beginning with business operations, progressing to financial losses and continuing to negative press arising from cybercrime occurrences.
“We’re very fortunate to work in a sector which is surrounded by vastly improved cybersecurity expertise. As such, many law firms are able to protect themselves much more adequately than in years gone by. Let’s not forget, though, when one door closes, another one opens, so very determined cybercriminals will quickly move onto the next thing, and exploit any and every opportunity they see.” – Nicola Moore-Miller, Chief Executive Officer, Jayva Global.
What’s next?
Cyber risks are a stark and depressing reality. But, they must be addressed. From getting cyber insurance and training staff, to selecting software (LEAP Legal Software, anyone?) and implementing additional programs for extra layers of defence, to performing due diligence on vendors and using specialist consultants for expert guidance throughout (that’s Jayva, by the way), the ways to tackle cybersecurity are diverse and not-without-difficulty.
