Cyber crime is a major threat to all businesses, and it’s one that is constantly evolving and updating – making it difficult to defend against. This is especially true for small and medium-sized firms, who may not have the resources, budget or processes in place to continually update and guard against the latest cyber threat.
Legal and accounting firms, due to the nature of their service, are at particular risk. Holding sensitive client information, handling significant funds, and being a vital cog in commercial and business transactions are all very attractive to criminals.
In fact, according to the National Cyber Security Centre (NCSC), 60% of law firms experienced an information security incident between 2017-2018. Whilst a representative of the Institute of Chartered Accountants in England and Wales recently warned that financial companies are too often ‘the weakest link’ when criminals try to access sensitive data.
Successful cyber attacks can do significant damage – both from a financial and reputational viewpoint – to legal and accountancy firms. So, it’s no wonder that cyber crime is such a concern within these sectors. According to the PWC Annual Law Firms’ Survey 2018, over 80% of the top 100 law firms are concerned by the threat of cyber attack.