Is prevention better than cure when it comes to cyber-crime?

Is prevention better than cure when it comes to cyber-crime?

Due to the consistent rise in cyber-crime, the CLC has released guidance advising how firms should approach potential attacks.

The Council for Licenced Conveyancers (CLC) have published an outline of the ways firms can protect themselves against potential cyber-attacks, and which appropriate next steps should be taken if an attack does occur.

A new report by insurance firm Allianz Global has found that cyber-crime is costing UK businesses around £2.8 billion each year. However, not only could an attack of this variety affect a firm and its clients financially, but the reputation of the firm would most likely suffer as a consequence.

Research conducted by security firm ThreatMetrix regarding cyber-crime has found that the UK is the most likely country to be targeted by criminals looking to steal confidential data. Their research has demonstrated that these figures are still rising, with an increase of 20% in the number of online fraud attempts in the second quarter of 2015 alone.

ThreatMetrix’s Stephen Moody has commented on the findings, encouraging a greater level of vigilance from all companies who use online technology to store confidential client and financial data. He states that ‘ensuring digital identities are effectively protected should be high priority for everyone.’

The CLC’s publication concurs with Moody’s judgement, acknowledging that even though no firm is invulnerable to a criminal attack of this nature, vital steps can be taken to ensure that firms are protected as far as possible.

Important steps cited by the regulator foremost promote following all essential compliance procedures set out by regulators (such as the CLC and SRA), the firm’s insurers, and the Government. The CLC also promotes links to two Government articles: 10 Steps to Cyber Security Guidance and the ‘Cyber Essentials Scheme’. Both are designed to give detailed guidance on how to prevent this type of crime, and vital next steps if a firm believes they have been targeted.

What should you do if you believe your firm has been targeted by a cyber-attack?

The CLC recommends the immediate following steps should your firm have been targeted:

  • Inform your bank
  • Inform the police at the National Fraud and Cyber Crime Reporting Centre on 0300 123 2040
  • Inform your professional indemnity insurer
  • Inform the Council for Licensed Conveyancers by telephone on 0207 250 8465

Is cyber-crime something your firm worries about? Have you ever experienced an online cyber-attack? Let us know your thoughts in the comment section below.

The CLC’s recommended reading:

https://www.gov.uk/government/publications/cyber-risk-management-a-board-level-responsibility/10-steps-summary

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/317481/Cyber_Essentials_Requirements.pdf

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