There are several factors which make legal and professional firms an attractive target for cyber attacks.
They hold large amounts of sensitive client information, handle significant funds, and are often a key enabler in commercial and business transactions.
Cyber criminals will exploit weaknesses in lending and conveyancing systems to gain illegitimate advantage in the UK property market, potentially resulting in the loss of thousands of pounds for the organisations concerned.
The most prevalent cyber crime within the legal sector is Friday afternoon fraud, so named because conveyancing deals often go through at that time. Criminals hack into law firms' systems when transactions are awaiting completion and alter email correspondence between clients and solicitors so that funds are redirected. Businesses can be liable even if they were not aware of or complicit in the fraud.