Life’s a breach – the harsh cost of a data breach for professional services firms

Data breaches are an unavoidable fact of life for all organisations, including professional services firms. It’s not a matter of ‘if’ a firm might be breached, but ‘when’. The cyber threat to the UK professional services sector is significant and, with the number of reported incidents on the rise, cyber security should be high on the agenda.

Data breaches and phishing are among the most significant cyber threats to professional services firms. According to the Solicitors Regulation Authority, more than £11 million of law firm clients’ money was stolen in 2016–17 as a result of cyber crime.

The reputational damage is also significant. Client confidentiality is a core value in the professional services sector, so the loss of client data can have a devastating impact. If firms don’t protect their highly sensitive client information, their entire practice may be put at risk.

The GDPR (General Data Protection Regulation) requires all organisations to report certain types of personal data breach to the ICO (Information Commissioner’s Office) within 72 hours of becoming aware of the breach.

Identifying the breach, who has been affected, how extensive it is and how it happened – all within 72 hours – is not easy, especially when firms want to use this time to fix the damage caused by the breach. However, with the right planning, preparation and resources in place, your firm will be well placed to respond.

Keep calm and prepare for a data breach

When an organisation has been breached, there is often an air of panic and urgency. Without a proper plan in place, it’s a potential PR disaster. Firms should be preparing now to ensure that they have the roles, responsibilities and processes in place for reporting a data breach.

To help you develop a roadmap for a successful and secure organisation, IT Governance has developed a portfolio of GDPR solutions to align with your firm’s business requirements and budget.

Protect your firm from the financial penalties and losses associated with data breaches and save up to 20% on our portfolio of GDPR solutions.

Get #BreachReady

Further support

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