Solicitors Regulation Authority (SRA) Findings - Cyber Attacks

According to their research, 75% of the firms visited reported being targeted by cybercriminals. In the remaining 25% of cases, the cybercriminals targeted the clients of these firms during legal transactions. Although not all incidents resulted in financial loss, over £4 million of client money was stolen in 23 out of the 30 cases where firms were directly targeted. Of this amount, £3.6 million was ultimately claimed against insurance policies, while £400,000 had to be repaid directly by firms.

Furthermore, the financial impact of data loss is more difficult to calculate, but it was found that these incidents often resulted in indirect financial costs. For example, one firm lost around £150,000 worth of billable hours following an attack that crippled their system. The incidents also had non-financial costs, such as higher insurance premiums, lost time, and damage to client relationships.

Firms also reported that attacks were not isolated incidents, with two larger firms claiming to be targeted hundreds of times each year, although most of these attacks were unsuccessful. Cybercriminals typically used a broad range of approaches when targeting their victims, with the most common methods being email modification, spyware, ransomware, viruses, denial-of-service attacks, and gaining remote access to a firm's systems.

It is crucial for firms to take measures to protect themselves from cyberattacks and to be prepared for incidents. This includes having effective security measures in place, regularly updating and patching systems, and having a response plan in case of a breach.

Thank you for reading, and hope you found this edition of our newsletter informative.

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