Cyber Attacks On UK Law Firms Increased by 77% In The Past Year

According to a recent study, the number of successful cyber-attacks targeting UK law firms skyrocketed by 77% in the past year, rising from 538 incidents to 954.

Blackmail, Phishing and Ransomware

Lubbock Fine, afirm of chartered accountants, attribute this alarming trend to cybercriminals increasingly viewing law firms as lucrative targets for blackmail, phishing and ransomware attacks, driven by the wealth of sensitive personal and financial information these firms hold.

Hackers findlaw firms particularly appealing due to the nature of the data they manage,which often includes highly confidential client information. This data can be sold on the dark web or used to extort law firms by threatening to release it publicly.

A global survey conducted earlier this month highlighted that some law firms have been compelled to pay ransomware in recent years. Very few have adequate cybersecurity or cyber training in place.

The average cost of a cyber attack on a law firm exceeds £100,000

Additional statistics underscore the gravity of the situation. According to a survey by PwC, 60% of law firms have experienced a security incident, and 44% of firms in the UK have been targeted by ransomware attacks specifically.

The financial impact is equally concerning, with the average cost of a cyber-attack on a law firm estimated to exceed £100,000, factoring in ransom payments, loss of business, and reputational damage.

Mark Turner, a partner at Lubbrock Fine said "The data that law firms hold on behalf of their clients is often highly sensitive – and therefore, valuable if you intend to blackmail a law firm. This makes them a very attractive target.Hackers will often demand a blackmail payment from law firms or threaten to post that sensitive data on the internet."

Another common tactic employed by cybercriminals is to lock firms out of their own systems until they pay a ransom.

According to a report from the National Cyber Security Centre (NCSC), the threat landscape is becoming increasingly dire, with nearly three-quarters of the UK's top 100 law firms having been affected by cyber-attacks.

Law firms need more robust cyber security protection

Mark Turner further emphasised the need for law firms to implement more robust cyber defences than those typically used by other businesses. Turner suggested that this might include segregating data across different departments, teams, and individual clients.

As cyber threats continue to evolve, the legal sector must prioritise cybersecurity to protect both their clients and their business operations.

Cyber Regiment’s state of the art services for law firms

By using Cyber Regiment’s state of the art services and market leading cyber insurance cover,law firms would be able to vastly reduce the change of falling victim to cyber-attacks.

If you are a law firm owner or responsible for IT at a law firm, please feel free to reachout to our specialists, who will be more than happy to help you.

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