Lawyer Monthly - December 2021 Edition

44 WWW.LAWYER-MONTHLY.COM | DEC 2021 RANSOMWARE: WHAT CAN BE DONE TO PROTECT LEGAL FIRMS? Ransomware is the largest and most prominent risk that law firms face today. These types of attacks have increased by 288% in 2021 and are unlikely to slow down any time soon. It is an unpleasant place to be for firms; the global ransomware business is huge. It generates revenues of over $1.5 trillion and grows by the day. Anybusiness canbeavictimof cyber criminals, but it is law firms that are the top targets globally. These are lucrative companies that have rapid access to significant cash reserves, so they are often able to pay a ransom quickly without seeking external assistance. Cash flow is not the only reason law firms are targeted. They are essentially service businesses, and service businesses live and die on their reputation. This factor, plus regulatory oversight and vast numbers of electronic interactions with third parties, makes them a prime target for ransom groups. Law firms in the crosshairs Law firms hold a lot of detailed data, and that certainly fits with the ransomware business model. Ransomware is essentially a revenue generator for cybercriminals. They can monetise the encryption of data and also the disruption that it causes in a number of ways, such as: - Selling the data to other cybercriminals; - Selling logins and passwords to other cybercriminals; - Holding data to ransom, such as threatening the public release of sensitive information; - Assuming control of a firm’s social media and broadcasting data and failings; - Using the same exploit again and asking for another ransom. Typically, law firms will have some form of insurance to protect them against the impact of a ransomware attack. For example, a paid ransom will be reimbursed by insurance. However, these payments will only be made if the right cybersecurity and risk controls are in place in the first instance. Not just money, but reputation Insurance will also not guard against some of the major effects of a ransomware attack. Some groups will demand a ransomonly after they have posted all of the firm’s sensitive Ransomware: What Can Be Done to Protect Legal Firms? Robert Rutherford CEO David Clarke Chief Information Security Officer Quostar Waverley House, 115-119 Holdenhurst Road, Bournemouth, BH8 8DY Tel: +44 01202 055400 E: hello@quostar.com www.quostar.com Alongside the other challenges it has presented, 2021 has been a boom year for ransomware – and as a profitable sector that regularly deals with highly sensitive data, law firms have been prime targets for this new wave of cyber-attacks. Below, Robert Rutherford and David Clarke of QuoStar outline the threat that ransomware poses to law firms, along with advice on how these firms can best protect themselves from a virtual attack.