How much will a cyberattack cost your law firm? It’s time for your law firm to take cyber security seriously
Posted 17th February 2022
In a new and concerning trend, law firms are becomingly an increasingly attractive target for cybercriminals. So much so that the Solicitors Regulation Authority noted in November 2020 that during the first half of that year, £2.5million had been stolen from law firms by cybercriminals.
Why are cyber criminals attacking law firms?
To put it at its most basic level, law firms hold information that criminals want. Aside from the critically sensitive data stored on your systems, there are also client monies held in account and banking information, leading to further potential thefts.
How much will a cyberattack cost your law firm?
There are two aspects to consider when you think about the cost of a cyberattack on any firm. The first is the cost of the immediate attack; this will include:
- The actual loss of money or sensitive information
- Delays in servicing client needs
- Potential prevention of transactions.
But alongside this, you also need to consider the secondary and more long-term costs of a cyberattack. These include:
- ICO fine of up to 4% of turnover
- Increased insurance premiums
- Damaged client relationships
- Loss of reputation
- Staff stress and increased likeliness of sickness
- Potential loss of jobs.
What can you do to mitigate these potential losses?
Protecting your firm’s and clients’ data and money is excellent business practice and a regulatory requirement. Therefore, the Solicitors Regulation Authority recommends that all law firms become Cyber Essentials certified.
Cyber Essentials certification requires firms to prove they are compliant in 5 key areas, ensuring that their cyber security is fit for purpose.
How can LP Networks help?
LP Networks offer a range of Cyber Essentials packages, helping to guide you through the certification process. Our packages make accreditation simple and easy to understand, and we provide expert training and support.