CYBERCRIME & PROFESSIONAL SERVICES FIRMS
CYBERCRIME: Criminal activities carried out by means of computers or the Internet.
Cyber threats come in many forms such as Malware, Ransomware, Trojan Horse, Spyware, the list goes on. Research carried out on behalf of Big Red Cloud in 2016 found that 40% of SMEs in Ireland have fallen victim to cyber-attacks leading to theft or loss of company data. In Ireland we have seen a vast increase in the last few years in the amount of attacks on professional service firms. The Central Bank of Ireland warns that regulated financial firms in Ireland are not implementing “sufficiently robust” IT systems and controls and must increase their resilience to technology failures to “minimise the potential impact on their business, reputations and the wider financial system.” The Irish Law Society states that any deficit arising in client moneys held by a practice is the personal responsibility of the partner / principal of the practice, whether caused by a solicitor or staff member, or as a victim of cybercrime.”
So what steps can be taken to protect your firm from cyber-attacks?
There are many steps firms should be taking to protect themselves and their clients. Every firm should look at their own operations and at how they carry on business to assess what vulnerabilities apply to them and what actions they need to take.