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Hackers Target Law Firms and Title Companies with Intentions of Gaining Sensitive Data

Law firms are rising as an industry being targeted by cyber attacks. Law firms are filled with highly sensitive data including personal, financial, and healthcare information. Similarly, title companies also house many different forms of data from clients. Citizens depend on the services provided by both of these industries for a variety of reasons. Hackers target these groups to steal client data. Oftentimes, hackers will hold the data for ransom costing the organization substantial amounts of money.

Title companies and law firms must work diligently to control their security posture. Many cyber attacks can be avoided if the appropriate policies are enforced. All employees should be educated and trained on the best cybersecurity practices. It is the role of everyone in the organization to protect the data of clients. A breach has an immediate impact by the loss of data, but it also has a long-term impact by tarnishing the reputation of the title company or law firm. Clients will conduct their business elsewhere if they are fearful that the company they are working with can’t securely store their data.

Once the security posture is established, title companies and law firms must take the next step to secure stored data. Organizations can’t rely on a singular method of defending data. Instead, a layered approach must be applied. This provides the best defense and decreases the likelihood of a gap being exploited. Strategies for a layered cybersecurity approach include:

• Mandating multi-factor authentication and implementing strict encryption policies

• Creating and updating a strong Incident Response Plan

• Conducting regularly scheduled phishing campaigns

• Keeping policies updated based on the latest trends across the threat landscape

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In the title industry, wire transfer scams are one of the most commonly seen attacks. Title companies must be extremely transparent in their communication with clients. Clients should be fully aware of the ways in which communication will be conducted throughout the process. Clients should also be informed that the title company will never ask them to reroute their wire transfer destination over email. Clients should not engage with emails that ask for a money transfer that contradicts the instructions given by the title company. All title companies should also use encryption in emails to keep communication secure.

For law firms, ransomware attacks have been the most consistent cyber threat plaguing the industry. Hackers look to steal incredibly sensitive pieces of data that could threaten the integrity of any trials the client might undergo in the future. Data being held for ransom can be used to attack both the clients and the firm itself. Hackers know that they have the power to influence the decision of potential prospects. They often use this to drive up the price of the ransom. Law firms must have all data that is collected and stored backed up. Data backups ensure that data that is stolen in an attack can still be recovered.

Summary:

Citizens depend on the services provided by both law firms and title companies for a variety of reasons. Hackers target these groups to steal client data. Title companies and law firms must work diligently to control their security posture. Many cyber attacks can be avoided if the appropriate policies are enforced. Once the security posture is established, title companies and law firms must take the next step to secure stored data. Organizations can’t rely on a singular method of defending data. Instead, a layered approach must be applied. In the title industry, wire transfer scams are one of the most commonly seen attacks. For law firms, ransomware attacks have been the most consistent cyber threat plaguing the industry.

For assistance in evaluating your strategies, technical requirements, staff evaluations and communications contact a ThreatAdvice Professional to learn more.