Over 80% of information security leaders are worried about the growth of digital threats.
According to research from digital threat management business RiskIQ, 89.1% of the 1,691 respondents expressed concern over the risk of cybercrime, as well as factors within a business which can catalyse this.
For example, where organisations are short of staff alert to the risk, the overall strategy to prevent a cyber attack may be flawed – a factor which is particularly alarming given the growth of digital threats over recent years. Over two-thirds (67%) of security leaders claimed that they lack sufficient staff to deal with the volume of cyber alerts which they receive on a daily basis.
Not only does this mean that businesses are much more vulnerable to attack, it also highlights the wider issue in regard to risk management and the level at which this should be prioritised.
Rather than the main line of defence being higher up in an organisation, businesses are being encouraged to bring it forward, with those at the front line being given greater responsibilities in terms of risk management.
A survey from professional services network PricewaterhouseCoopers revealed that firms who did implement this into their business structure were better at both expecting and mitigating risk, as well as being more likely to expect revenue growth in the next two years.
Whilst it’s important to ensure that your staff are your first line of defence, what’s even more crucial is consistency. Whether it’s awareness of risk, ability to identify a threat or assessing the legitimacy of a third-party, it is vital that staff are all on the same page when it comes to preventing an attack.
Is your firm prepared?
The techniques of fraudsters are growing in sophistication and as stated in the SRA’s Risk Outlook, it’s important that firms ‘confirm the identity of other firms that they deal with.’ In order to ensure that transactions are properly protected, it’s essential that checks are applied at each level and that prevention strategies are taken seriously, especially at a time when the risk of fraud is at an all-time high.
As well as protecting transactions to a consistently high level, the use of a service such as Lawyer Checker can positively influence the culture within a firm and ensure that employees are alert to the risk.
At a time when new threats to client funds are emerging frequently, it’s vital that prevention strategies are implemented on a wide-scale basis. It is only then that their effectiveness will be ensured.
Click here to find out how Lawyer Checker can protect your clients’ money.
