Beware of cybercrime
BUSINESSES holding sensitive customer data are being warned of the risk of cybercrime that can cost companies millions.
Criminals target organisations that collect personal identification documents such as passports, bank statements, tax details and social security numbers.
Legal firms are among the most vulnerable businesses according to a survey by the professional services group Price Waterhouse Cooper.
In 2018, 60 per cent of law firms reported suffering a security incident during the year. In just one quarter, solicitors reported over £12m of client money stolen by cyber criminals.
A total of 80 per cent of cybercrime related to email modification fraud, where criminals intercept and falsify emails between a client and firm leading to bank details being changed and money being lost.
Businesses are advised to invest in and regularly update effective firewalls, anti-virus and anti-malware solutions ensuring that criminals can’t exploit old faults or systems. Additionally, user passwords should be changed regularly and out dated equipment disposed of securely.
Since the General Data Protection Regulation (GDPR) came into force in May 2018, organizations can face hefty fines if they suffer a data breach. Organizations should ensure business critical data, such as customer data and financial information is securely backed up