The Solicitors Regulation Authority have recently publicised their first thematic review investigating the impact of cybercrime. The review has highlighted a number of troublesome statistics making it definitively apparent that cyber related incidents leading to fraud remain one of the largest threats the legal sector faces.
The SRA conducted the review by selecting a randomised sample of forty firms to visit and interview about their experiences of cybercrime. Every firm reported that they and/or their clients had been targeted by cybercriminals over the previous three-year period. While not all incidents reported culminated in a financial loss for clients, twenty-three of thirty cases in which firms were directly targeted saw a total of £4 million of client money stolen. The full review can be accessed here.
The release of the review has coincided with a surge in scam alerts reported by the SRA throughout 2020. Today’s Conveyancer recently reported on a “Two-fold rise in scam alerts since the start of the year” and have witnessed that 20% of the entire year-to-date scam alerts were reported in September alone. There is a distinct correlation between the increase in alerts and the issue of problematic security scenarios as a result of lockdown restrictions and remote working. Undoubtedly the perpetrators of cybercrime have seen this link as well as a buoyant property market and declared ‘open-day’ on the sector.
As thought leaders in the sector, Lawyer Checker are dedicated to help and support staff at all levels to protect themselves from fraud and cybercrime. Accordingly, Lawyer Checker will be hosting a panel discussion to analyse the statistics and highlight best practice to mitigate this threat as it reaches new heights.
Host of the event and Key Relationship Manager at Lawyer Checker, Tom Lyes commented
“Lawyer Checker recognise the sector has made some imperative improvements to prevent cybercrime but we feel it is crucial to educate people further on what can be done to successfully act on your firm’s cyber-security. The panel discussion is suitable for all stakeholders involved in the processes that are often targeted by fraud and this multi-level approach to the sharing of information and advice is the simplest way to instil a cyber-secure culture”.
Tom will be joined by an expert and independent panel representing different channels within the legal sector. Adam Entwistle will provide commentary from the position of the firms at risk. Mohamed Bakeer will be representing CTS, a managed cloud and IT specialist for the legal sector who are astutely aware of the risks firms may face in terms of cybersecurity. As an ISO 27001 lead auditor and Cyber Essentials Assessor, Lawyer Checker’s Jen Williams is an undeniable advocate for all solutions mitigating cybercrime. Finally, it is with great pleasure that Lawyer Checker can introduce Rachel Clements from the Solicitors Regulation Authority who plays a key role in leading thematic review projects for the organisation.
Lawyer Checker look forward to welcoming you to the event and ask with over £4 million pounds of client’s money lost to cybercrime in just 30 firms over the last 3 years can you really afford not to join the discussion?
Link to the SRA’s full review. https://www.sra.org.uk/sra/how-we-work/reports/cyber-security/
This article was submitted to be published by Lawyer Checker as part of their advertising agreement with Today’s Conveyancer. The views expressed in this article are those of the submitter and not those of Today’s Conveyancer.
