Australian law firms lagging in cybersecurity amid rising threats
Australian law firms lagging in cybersecurity amid rising threats | Insurance Business Australia
Insurance News
Australian law firms lagging in cybersecurity amid rising threats
Report found a rise in firms targeted by cybercriminals
Insurance News
By
Jonalyn Cueto
Australian law firms have been found to face major deficiencies in their cybersecurity measures, according to the 2024 “State of Cyber Security in Law Report”. The survey, conducted by AUCyber in collaboration with LexVeritas and the Australasian Legal Practice Management Association (ALPMA), highlighted significant vulnerabilities in the legal sector as global cyber threats intensify.
The report, based on responses from 140 legal firms, has revealed that more than half of the respondents view cyber security as their most critical operational challenge. This concern is underscored by a notable increase in cyber-attack attempts.
Twenty-one percent of firms reported being targeted by cybercriminals, a 7% rise from the previous year. Phishing attacks have been particularly prevalent, affecting 81% of firms – a 14% increase from the previous year.
Additional findings from the report show a rise in various types of cyber threats:
Spoofing attacks surged from 23% to 35%
Malware incidents increased from 17% to 27%
Identity-based attacks climbed from 25% to 35%
Despite the rise in attacks, 18% of firms acknowledge their protective measures are insufficient, while another 26% remain uncertain about their security capabilities. As a result, only 56% of firms feel confident in their current cyber security protocols.
Gaps in cyber-security measures
Peter Maloney, CEO of AUCyber, expressed alarm over the findings.
“Some Australian law firms are dangerously underprepared,” he said. “The fact that 18% of respondents believe their firm is not doing enough to protect itself against a cyber attack and 26% are unsure of their current protections is concerning.”
Maloney stressed that inadequate cyber security could lead to severe operational disruptions, financial losses, and irreparable reputational damage.
Emma Elliott, CEO of ALPMA, underscored the urgency of addressing these issues. “Our latest research continues to show the importance of, and need for, the legal industry to enhance their cyber defences and preparation plans to protect sensitive client data and maintain operational integrity,” she said.
Elliott called on firms to prioritize strengthening their cyber resilience through comprehensive solutions, robust employee training programs, and expert guidance.
Maloney also emphasized the need for substantial investment in cyber protection measures. “Law firms should all be investing in strengthening their cyber defences with comprehensive detection and protection solutions, training, and specialist help with navigating governance, assessing risk, and meeting regulatory compliance,” he said.
He advised firms to implement a thorough cyber security strategy, including 24/7 detection monitoring, phishing simulations, software and hardware maintenance, and a well-documented incident response plan, alongside regular staff training.
What are your thoughts on the latest findings? Share them in the comments below.
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