Why would my firm be a cybercrime target?

These days, every firm is a potential cybercrime target, with attackers primarily driven by the goal of generating income. Financial, legal, and professional services firms are especially attractive due to the sensitive data and high-value transactions they handle. In this post, we’ll look at cybercriminal tactics, why your firm might be in the crosshairs, and how to tackle cyber threats.

Cyber criminals employ various tactics to achieve their goals. One common method is through simple, indiscriminate, broad attacks. These attacks can arrive in anyone’s inbox, often in the form of phishing emails or malicious attachments. The aim is to gain access to sensitive information or financial assets. These broad attacks are relatively easy to execute and can affect a large number of firms simultaneously.  Indeed, AI is helping cyber attackers draft and distribute these phishing campaigns more effectively than ever before.

However, cyber criminals sometimes take a more targeted approach. They may choose a specific industry, firm, or even an individual person for a hacking campaign. These targeted attacks are more sophisticated and require more effort, but they are often more rewarding for the attacker. Financial, legal and professional services firms, in particular often handle large sums of money, sensitive client information, and valuable intellectual property, making them prime targets. The stringent regulations and compliance requirements in regulated industries mean that any breach can have severe consequences, with cyber criminals knowing that firms in this space are likely to pay substantial sums to avoid legal penalties and reputational damage.

When it comes to tackling cyber threats, your cyber security should be proportionate to the risks your firm faces. Start by evaluating your firm’s risk, asking “what’s the worst that could happen?”.  This helps crystalise the key threats and sets priorities for where to focus your cyber security budget.  Remember that no one security service or technology will resolve all security concerns, so be prepared to think through a lens of “security in layers”. To get some help evaluating your cyber security posture, and to hear how your firm compares with your peers, please reach out and we’ll arrange a call: get in touch