Unveiling your cyber security essentials – insights from tmgroup

In the UK, the property sector is the most high risk sector for a cyber security incident, with a staggering three quarters of solicitor firms reporting to have been the target of a cyber attack, according to an SRA report.

With sensitive data and high value transactions being routinely handled, cyber related incidents, such as phishing or ransomware, are on the rise in law firms.

Recognising the critical need for resilience against these evolving threats, tmgroup, a market-leading property data and technology provider, joined forces with LMS for a special webinar to help law firms understand current cyber security threats and how they can increase their protection against these threats.

Here’s a glimpse into some of the webinar’s highlights.

Navigating cybersecurity challenges

For firms lacking in-house IT expertise, devising and executing a robust cyber security strategy can be daunting. Often, there’s a lack of understanding on how to plan and execute a cyber strategy, when there’s no clarity on what needs to be fixed first or budget needed for cyber-security investment.

When planning cyber security, a proactive approach is what’s required, with provisions made for patches and updates to protect against vulnerabilities, real-time cyber monitoring and alerts for prompt issue detection, as well as effective back-up recovery mechanisms.

Outsourcing cyber security

In some cases, law firms may need to put cyber security in the hands of third party suppliers. Contracts should clearly define the services needed, including measurable KPIs, as well as regular service reviews and detailed reporting. A good cyber service should be integrated into the firm’s culture and processes, covering areas such as user communications and training, vulnerability, business continuity and recovery management, threat detection and response, and phishing simulations to test the structures in place.

Planning and executing your cyber strategy

Law firms should assess their current capabilities and vulnerabilities first, which will inform what route to take to reach their goals. Costs should be considered both in terms of the required budget, but also the potential costs of inadequate protection.

Jonathan Stebbings, Chief Commercial Officer at tmgroup, underscores how tmgroup can enhance law firms’ security. He explains: “tmgroup helps conveyancers keep money transfers secure. Our end to end conveyancing service platform allows conveyancers to check and confirm that conveyancing funds and other monies are sent to genuine bank accounts and law firms. This is made possible through our integration with LMS confirmly, providing real time monitoring to law firms by harnessing LMS Panel Link and Specialist data.”

For more expert analysis and tips on how to achieve cyber security in your firm, watch the full webinar episode, ‘Navigating a high risk environment – Cyber Security Essentials’. Visit tmgroup’s website for more information on risk management solutions or to explore other webinars in the series.