Cyber Crime and Fraud Prevention

Are your staff able to recognise potential cyber fraud?

Do you know what to do if your firm has fallen victim to a cyber attack?

Online crime is widespread, diverse and increasing at an alarming rate. Law firms are particularly attractive targets as they handle large amounts of money, commercial information and sensitive client data.

With law firms in England and Wales reporting a total loss of £731,250 of client money in the first six months of 2019 alone, cyber attacks remain amongst the most persistent and imminent threats to law firms. Firms are expected to keep their systems and processes under constant review to protect clients’ assets and data. Although high-value conveyancing transactions are obviously exposed, any transactional work should be treated as a potential area that could be attacked. Firms that do not hold client money should not assume that they are of no interest to cyber criminals as any loss of confidential information could significantly harm the interests of their clients.

The introduction of the new Payee system in March will mean that banks (the big six that have signed up to the scheme) will be responsible for making sure that accounts are set up with the correct legal name and will make email modification fraud much harder to commit. However, criminals will continue to develop ever more sophisticated methods and information technology to extract money and obtain sensitive data, either by attempting to trick firms into giving away information or by infiltrating systems, or a combination of the two.

A regular review of internal systems and processes as well as ensuring staff have the necessary awareness of recent developments and best practice to limit the risk of human error is critical.

We carry out a comprehensive on-site cyber crime and fraud risk assessment that looks at all of the systems and processes in place across your firm. Following the risk assessment, you will receive a detailed written report highlighting areas of possible weakness and offering practical solutions.

It is a common misconception that cyber crime is usually directed at poor technology controls. Human error is often the weakest link and the cause of the vast majority of the worst security breaches.

We provide cyber crime and fraud prevention training, covering

  • how cyber crime affects you and your clients
  • current developments
  • how to recognise cyber crime and fraud attempts
  • measures to protect your firm’s assets and
  • what to do in the event of an attempted or successful fraud.

Following our visit, you will also receive a bespoke cyber crime and fraud prevention policy to give everyone in the firm practical advice to pre-empt breaches.

Finally, we will also provide you with a bespoke cyber attack / fraud incident management plan to help you in the event of a successful attack to minimise damage and bring about the best possible result in rectifying it.

Learn more about our extensive training programme to help you ensure your staff understand their responsibilities under the SRA Standards and Regulations and are able to prevent fraud and money laundering.