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‘A layered defense is key’: How law firms can get ahead of cyber criminals
With new research pointing to a continued rise in cyber-criminal activity, law firms can adopt a number of strategies to ensure they remain adequately protected.
Emma Musgrave
LexisNexis Risk Solutions has just released its biannual Cybercrime Report, which covers the July to December 2020 period, to determine how the evolving threat landscape has “created new opportunities for cybercriminals around the world, particularly as they targeted new online users”.
“[The older age group] generally has less familiarity with the latest digital technologies and may be more susceptible to scams and phishing attempts. While millennials and Gen Z are most susceptible to fraud attacks, the average fraud loss per customer increases progressively with age, likely influenced by larger disposable incomes later in life,” the report noted.
“The paradox of why fraudsters choose to target the younger age group in proportionally higher volumes is perhaps explained by the fact that higher success rates can offset lower monetary gains.”
LexisNexis added that the “stark risk at both ends of the age spectrum emphasizes the importance for companies to protect both new-to-digital and vulnerable customers when transacting online in 2021”.
“Malicious attack vectors persist despite reduced attack rates recorded across businesses as automated bot attacks offer fraudsters a cheap, quick and effective method of initial attack,” it said.
Further, the findings revealed mass automated bots used to test identity credentials “remain widespread”, as do new accounts being created, “representing a key point of entry for fraudsters looking to monetize credentials harvested from data breaches”.
Rebekah Moody, director of fraud and identity for LexisNexis Risk Solutions, said the results show the importance of ensuring proper measures are in place for greater protection.
“Cybercriminals are opportunists first and masters of disguise second,” she said.
“They are always on the lookout for a new target whether this is new lines of credit, new online businesses or new-to-digital consumers.
“While digital businesses are working hard to better provide for new and existing customers, they must identify and mitigate potential risks moment by moment in order to protect consumers from becoming victims of fraud.”
Ms Moody added: “Building a layered defense is key.
“Uniting the best digital identity intelligence with physical identity solutions and behavioral biometrics intelligence can be the gamechanger that organizations need to lessen the unpredictable tides of fraud.
“Digital identity intelligence in particular is crucial for businesses to understand the behavior, transaction history and device intelligence of each identity entering their environment. When we can crowdsource real time intelligence across global digital businesses, it offers an unparalleled view of trust and risk. This creates a low-friction online experience because businesses can better recognize trusted, returning consumers.”
Emma Musgrave
Emma Musgrave (née Ryan) is the managing editor, professional services at Momentum Media.
Emma has worked for Momentum Media since 2015, including five years spent as the editor of the company's legal brand - Lawyers Weekly. Throughout her time at Momentum, she has been responsible for breaking some of the biggest stories in corporate Australia. In addition, she has produced exclusive multimedia and event content related to the company's respective brands and audiences.
Prior to joining Momentum Media, Emma worked in breakfast radio, delivering news to the Central West region of NSW, before taking on a radio journalist role at Southern Cross Austereo, based in Townsville, North Queensland.
She holds a Bachelor of Communications (Journalism) degree from Charles Sturt University.
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