The Price of Getting Hacked for a Law Firm

Depending on the scope of the attack, the cost of getting hacked can be in the hundreds of thousands or more. Here’s what you need to know.

When it comes to cyberattacks, all too often the bad guys win. Hackers have begun to target Law Firms, stealing usernames, passwords, and sensitive private data. While they may sell this information on the black market, they often hold it for ransom. This is known as ransomware. With no other way to retrieve the stolen data, victims are forced to buy back their belongings while the thief vanishes into anonymity.

Ransomware: An Alarming Trend for Vancouver Law Firms

Ransomware attacks are on the rise, and victims are paying exorbitant sums to regain their data. AdvocateDaily.com reported on how law firms are being targeted left in a more persistent manner than ever before. Ransomware forces law firms to close, creating irreparable damage to client relationships, cashflow, and firm reputation. Hackers frequently target law firms and other professional services, knowing the high value of the stolen data and its importance in operations. In many cases, the data isn’t exactly stolen, but encrypted to prevent access. After the ransom is paid, the hackers unlock the data, or so they promise.

Research conducted by SentinelOne found that only 26% of U.S. companies that fell victim to ransomware and paid the ransom were able to access their files. And even if the hackers honor their end of the deal, they may attack again. In fact, organizations that ponied up the cash were hit again 73% of the time. What’s worse is that some cybersecurity providers are in cahoots with hackers, splitting the ransom between them. The only way to mitigate these attacks are to have a cyber-security plan in place to protect your business.

How Does BMC Fight Back?

As hackers become more adept, stepped up to the plate. Frequent testing of defense systems, backup and recovery plans, and other cybersecurity measures is a service we provide our clients.

As is the case in medicine, prevention is the best cure for cyberattacks. Law Firms must work together with IT companies to reduce their likelihood of being targeted and have multiple plans in place if a breach occurs. By staying proactive, the good guys can make it difficult for hackers to get what they want.

If you’ve been targeted, call BMC today at (604) 789.3401, or go to https://bmcnetworks.ca/assessment.