Legal organisations are increasingly becoming easy prey for hackers, driven by an understanding that the industry’s endeavors to deal with data protection measures are still lagging behind its contemporaries in other industries. Of late, it has been seen that a number of legal firms have become the target of cyber criminals to ‘Friday Afternoon’data breaches. Hackers employ a wide range of methods to siphon off large amounts of money from the client accounts of legal firms during the final stage of completion funds. By hacking into the data of a client or legal firm’s account, cyber terrorists get hold of specific information on how to direct funds to a different location of their choice.
Protecting Data Leakage from Small Business
There is a definite need to highlight the risks by every organisation, regardless of size; as such data breaches that have resulted in substantial losses. However it would be foolish to assume that data leakage or cyber crime is confined to legal firms only on a particular day of the week. In a recent development, it was seen that some targeted firms were particularly preyed upon by cyber criminals who were seeking classified and confidential data of mergers and acquisitions. Considered to be a treasure trove of data, cyber criminals are motivated by the colossal amounts of highly classified commercial information held by such firms for their clients that are usually concerned with copyright information, trade secrets, and classified negotiations.
Once the data has been captured by the hackers, they look for various ways of exploiting the breached information. The information is either manipulated for their own personal usage, or is traded on the black-market,sold to a competitor, or threatened to be made available to the public at large unless a ransom is given.
The most recent incidence of classified information leakage, which is the Panama Papers data breach, has seen the unauthorized release of over 10 million data files. Although the founding partner of the Panamanian law firm which was at the center of the data breach claimed that the firm in itself was a victim of a cyber terrorist attack, the data leakage reveals how the mass dissemination of confidential information through a cyber terrorist attack can cause deep and widespread reverberations.
Unfortunately, if immediate action is not taken to secure and protect classified data, it is only a matter of time before a similar attack takes place in another small or large firm causing severe consequences to follow.
Typically, an enhanced focus on information protection can help firms to take advanced measures in heightening their cyber defenses. It is important to note that cyber criminals make use of uncomplicated attacks such as suspicious emails and malware, in the hope that something will eventually cause data leakage. Hence, it is important that firms of all sizes maintain ceaseless and uninterrupted surveillance and testing of data security systems in place at all times and everywhere.
To prevent hackers from being one step ahead, it is important to implement robust digital data security measures in order to prevent or contain a successful data attack.