Experience robust cybersecurity with P&C Global. Protecting law firms from ransomware, phishing, and more. Turn threats into growth opportunities.
At A Glance
Estimated Savings from Potential Losses
Estimated Savings from Potential Losses
In the quiet early hours of a Tuesday morning, a senior executive at a bustling New York City law firm, is sifting through his emails. Suddenly, the calm is shattered. A chilling message appears on the screen: The firm’s confidential data has been encrypted, and a hefty ransom is demanded for its release.
The clock is ticking, the stakes are high, and the firm’s reputation hangs in the balance.
This scenario, while hypothetical, mirrors the reality faced by many organizations today, as reported in a recent Financial Times article by Kate Beioley. The article underscores the growing sophistication and frequency of cyber-attacks.
According to a report by the security company Sophos, 44% of UK businesses surveyed had been hit with ransomware in the past year. The average ransom payment has almost doubled from $812,380 in 2022 to $1.5 million in 2023.
As John Chambers, former executive chairman and CEO of Cisco famously said, “There are only two types of organizations: Those that have been hacked and those that don’t know it yet!”
The legal sector is not immune. The UK’s National Cyber Security Centre reports an increase in “hackers-for-hire” targeting this industry. These hackers are often commissioned to carry out malicious cyber activities for third-party clients, often involving the theft of information to gain the upper hand in business dealings or legal disputes.
What law firms should know:
- Cybersecurity should be a top priority for all businesses, particularly those in the legal sector.
- Companies need to be prepared for the possibility of a cyber-attack and have a response plan in place.
- The decision to pay a ransom in the event of a data breach is complex and requires careful consideration.
Here are three recent engagements where we've been engaged to respond to active threats and avert potential catastrophe before it happens.
A prominent US law firm found itself in the midst of a cybersecurity nightmare. A sophisticated ransomware attack had infiltrated their network, exploiting critical exposure points left unsecured by their IT staff and vendors.
The attackers had even gained access to the administrative credentials of the firm’s enterprise backup system, encrypting all data and leaving the firm without usable backups. The firm was locked out of all their systems, faced with a chilling $2 million ransom demand and the prospect of a week of crippling downtime.
In this dire situation, the firm turned to P&C Global. Our team sprang into action, deploying a swift and strategic response. We initiated expert negotiations with the attackers, successfully reducing the ransom demand by over 75%. Simultaneously, our cybersecurity specialists worked tirelessly with the firm’s IT team to isolate the affected systems, halting the further spread of the ransomware.
But our intervention didn’t stop there. We orchestrated a rapid system restoration, minimizing downtime to less than 48 hours and saving the firm an estimated $9.45 million in potential losses. Following the crisis, we collaborated with the firm’s technology team and cybersecurity insurers to overhaul their security infrastructure. We fortified their network, software systems, backup platform, and end-user devices to a state-of-the-art security configuration.
To ensure the robustness of these enhancements, we coordinated with the firm’s cyber insurers to conduct three rounds of extreme penetration testing. The results were clear: the firm’s digital defenses had been transformed, successfully withstanding the most rigorous cybersecurity tests.
This engagement underscores the critical importance of robust cybersecurity measures and the value of expert guidance. It’s a testament to P&C Global’s commitment to safeguarding our clients’ digital landscapes, transforming potential vulnerabilities into pillars of strength.
A prominent legal consultancy based in the EU was targeted by an intricate phishing attempt. The cybercriminals involved sought to gain unauthorized access to sensitive client data by masquerading as a high-ranking executive within the firm.
Detecting unusual activity, the firm promptly reached out to P&C Global. Our cybersecurity experts quickly identified the phishing attempt and intervened before any data could be compromised. We then worked closely with the firm’s IT department to strengthen their cybersecurity infrastructure, implementing advanced threat detection systems and enhanced email security protocols.
Additionally, we conducted a comprehensive IT transformation, which included staff training on recognizing and responding to phishing attempts.
While it’s challenging to quantify the exact potential losses prevented by our intervention, considering the sensitive nature of the client data at risk and the potential reputational damage, the client estimated that their timely response and outreach to us, along with subsequent strategic IT actions, helped the firm avoid potential losses in the region of €3 million.
In the bustling Tokyo cityscape, a prestigious law firm, with over 800 employees and an impressive ¥82 billion in annual revenue, found itself confronting a daunting reality. Their security systems, once considered robust, had become outdated, leaving them exposed to the ever-evolving landscape of cyber threats.
Recognizing the potential for catastrophic data breaches and the profound impact it could have on their operations and reputation, they sought the expertise of P&C Global.
Our mission was clear: to transform their cybersecurity infrastructure, fortifying their digital defenses to match the scale and complexity of their operations.
Our team of cybersecurity experts embarked on a comprehensive assessment of the firm’s existing infrastructure, identifying critical vulnerabilities that could potentially expose sensitive client data. With a sense of urgency, we designed and implemented a state-of-the-art cybersecurity infrastructure, tailored to the firm’s unique needs and the scale of their operations.
This transformation was not just about installing new software. It was about creating a robust, resilient shield capable of withstanding sophisticated cyber threats. We integrated advanced threat detection systems, data encryption tools, and secure access controls, ensuring a multi-layered defense strategy.
The impact of this overhaul was significant. By proactively addressing these vulnerabilities, we averted a potential breach that could have resulted in damages amounting to a significant percentage of the firm’s annual revenue. This figure doesn’t just represent the immediate financial impact of a breach, but also the potential loss of client trust, long-term reputational damage, and the potential for regulatory fines.
Proactive Cybersecurity: Transforming Vulnerabilities into Strengths
Our work underscores the power of proactive cybersecurity measures and the value of expert guidance. It’s a testament to P&C Global’s commitment to safeguarding our clients’ digital landscapes, transforming potential vulnerabilities into pillars of strength.
Our professionals are committed to helping you turn these challenges into opportunities for growth and resilience. We invite you to reach out to us to discuss how we can help protect your firm from cyber threats.