Cyber Risks for the Professional Services Industry
The professional services space is becoming a huge target for cybercriminals. This article will review the various cyber risks for the professional services industry.
Cyber Threats Come With the Territory
Cybersecurity is becoming increasingly important in the professional services industry as rising levels of digital activity make companies more vulnerable to malicious attacks. Remaining protected against such threats requires a robust security infrastructure, which provides users of professional services with the assurance that their data and communication are being kept safe at all times. Moreover, it helps protect against business disruption caused by cyberattack-related downtime and associated risks to customer relationships. Failure to invest in effective cybersecurity measures can have serious repercussions for an organization, including financial losses and legal action from affected customers. Therefore, companies must take proactive steps to ensure that comprehensive measures are put in place to protect their data and systems from external interference or theft.
Why Target Professional Services?
Cybercriminals target professional services firms for several reasons:
- Valuable client data: These firms often have access to sensitive client data, such as financial information, personal identification, and confidential business records, which can be highly valuable to cybercriminals.
- High potential for financial gain: Cybercriminals may see professional services firms as potential targets for extortion and ransom, as these organizations may be willing to pay to regain access to critical data or systems.
- Lack of robust cybersecurity measures: Some professional services firms may not have robust cybersecurity measures in place, making them more vulnerable to attacks.
- Remote work: With many professional services firms having many remote employees, ensuring that all devices and networks are secure can be challenging.
- Compliance: Professional services firms must comply with various regulations, such as HIPAA, SOC 2, and PCI DSS, which can be challenging to navigate and maintain. Failure to comply with regulations can result in hefty fines and reputational damage.
- Reputation: A data breach can cause significant reputational damage for a professional services firm, lead to the loss of clients or partners, and harm the company’s reputation.
All these factors make professional services firms an attractive target for cybercriminals looking to exploit vulnerabilities and gain access to valuable data.
Typical Security Challenges for the Professional Services Industry
Professional services firms struggle with many cybersecurity challenges including:
- Phishing and social engineering: Professional services firms are often targeted by phishing scams and social engineering attacks, which can lead to data breaches and the loss of confidential information.
- Remote work: With many professional services firms having many remote employees, ensuring that all devices and networks are secure can be challenging.
- Ransomware: Ransomware attacks can be particularly devastating for professional services firms, as they may result in the loss of important client data and the disruption of business operations.
- Cloud security: As more professional services firms move to cloud-based systems, they must ensure that their data is properly secured and compliant with regulations.
- Compliance: Professional services firms must comply with various regulations, such as HIPAA, SOC 2, and PCI DSS, which can be challenging to navigate and maintain. Failure to comply with regulations can result in hefty fines and reputational damage.
The Supply Chain: Point of Entry
Attacking the supply chain of a professional services firm can be an effective way for cybercriminals to gain access to sensitive information and disrupt business operations. The supply chain refers to the network of suppliers, vendors, and partners that a company works with to provide goods and services. By targeting these third parties, cybercriminals can often gain access to the systems and networks of the professional services firm itself.
Here are a few reasons why cybercriminals target the supply chain of a professional services firm:
- Third-party vulnerabilities: Many third-party vendors and suppliers may not have the same level of security as the professional services firm, making them an easier target for cybercriminals.
- Lack of visibility: Professional services firms may not have visibility into the security practices of their third-party vendors, making it difficult to detect and respond to attacks.
- Access to sensitive information: By targeting the supply chain, cybercriminals can gain access to sensitive information, such as client data, financial information, and confidential business records.
- Disruption of operations: Attacking the supply chain can also disrupt business operations and cause significant financial losses for the professional services firm.
Notable Professional Services Cyber Attacks
There are a couple cyber attacks on professional services firms worth noting:
2018 DLA Piper Attack
The 2018 cyber attack on the global law firm DLA Piper affected the company’s systems worldwide, resulting in its infrastructure being shut down for several days. The attackers used a variant of the Petya ransomware to encrypt the firm’s systems and demanded a ransom to restore access to the data. The attack resulted in significant disruption to the firm’s business operations and highlighted the need for robust incident response plans and regular backups to minimize the impact of a ransomware attack.
2017 Deloitte Breach
The 2017 cyber attack on Deloitte, one of the world’s largest accounting firms, illuminated just how vulnerable businesses and organizations can be in a digital world. The attackers were able to gain access to Deloitte’s email platform and potentially sensitive client data by compromising the credentials of an administrator on the company’s Azure cloud platform. The attackers had access to the system for several months before being discovered.
Both attacks demonstrated that even large and well-established organizations with strong cybersecurity measures could be vulnerable to cyber attacks. They also highlighted the importance of securing cloud-based systems and the need for robust incident response plans and employee training.
Protect Your Firm
Cybersecurity is crucial for professional services firms as they must continuously protect against data breaches, cyber attacks, and other security threats. These organizations often have valuable client data and confidential information, making them attractive targets for cybercriminals. Additionally, many professional services firms have many remote employees, increasing the potential for security breaches. The shift to remote work during the pandemic also made it more challenging for professional services firms to secure their networks and devices. As technology continues to advance and cyber threats become more sophisticated, professional services firms need to have robust cybersecurity measures in place, including employee training, incident response plans, and regular security assessments. By taking proactive steps to protect against cyber threats, professional services firms can safeguard their clients’ data, maintain their reputations, and ensure the continuity of their business operations.
For more information on how Meriplex can help your company with cybersecurity, please contact us today!
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