70% of law firms have fallen prey to a cyber incident, revealing a concerning trend in the legal sector. Despite the urgency of addressing this issue, a significant 35% of firms are yet to implement a cyber mitigation plan. The complacency surrounding cybercrime within the industry is alarming, considering the ever-increasing threat landscape.
In the not-so-distant past, thieves relied on physical means to carry out their nefarious deeds. Fast forward to the present day, and cybercriminals can effortlessly pilfer money, data, and identities using nothing more than a smartphone and an internet connection. The ease with which these digital crimes occur is exemplified by the staggering statistic that identity theft has surged to almost 500 incidents daily in the UK, as reported by Cifas, the UK fraud prevention service. Firms housing data on individual people are particularly susceptible to a variety of cyber-attacks, including imitation emails, viruses, and malware. The gravity of the situation becomes evident when considering that more than 50% of all UK fraud now transpires online, which equates to just short of 2 million offenses.
The ubiquity of cyber threats is further underscored by the revelation that over the past eight years, more than 7.1 billion identities worldwide have been compromised due to data breaches within companies. With a global population of 7.5 billion, the majority of whom lack internet access, those connected are likely to have experienced multiple breaches.
Prominent entities, including LinkedIn, EE, National Lottery, BA and the NHS have all succumbed to cyber-attacks in recent years. Even legal firms, local authorities, high street retailers, and charities have not been spared. The 2016 Crime Survey of England and Wales paints a grim picture, with fraud and computer misuse accounting for 5.8 million crimes. A staggering 1.5 million individuals fell victim to computer virus attacks, while close to 700,000 reported hacking incidents involving their email or social media profiles.
In the legal sector, a disturbing complacency persists despite the pervasive threat. A report by Cert-UK revealed that 65% of legal firms have experienced a cyber incident, yet 35% lack a crucial cyber mitigation plan. The insurance industry is capitalizing on this complacency, with Swiss Re projecting a quadrupling of global cyber insurance premiums from $10 billion in 2015 to over $37.5 billion by 2020.
It's imperative for firms to abandon complacency and take immediate action against cyber threats. The National Cyber Security Centre (NCSC) offers valuable resources, including the "10 steps to cybersecurity" and a guide tailored for small businesses. Financial Fraud Action UK's Take Five campaign and Scam Academy videos provide additional insights into the ease with which individuals can fall victim to cybercrime.
The Law Society is also stepping up to the challenge by forming partnerships with trusted cybersecurity providers to offer tailored services for the legal profession. In a rapidly evolving threat landscape, proactive measures are crucial to detect, prepare for, and adapt to potentially malicious activities. The warning is clear: vigilance is essential, as it's not just individuals but the entire legal industry that is under constant scrutiny from cyber adversaries.