Firms need to gear up in the fight against cyber crime By Emanuel Oros, Partner, Sparke Helmore Lawyers
In today’s digital age, security cannot be an afterthought – proactive measures and education are necessary in order to minimise the risks presented. This is pertinent for the legal industry, particularly those practising within property law and facilitating settlements for homebuyers and sellers. Residential property is Australia’s largest asset class, worth $7.1 trillion1, which makes it an understandably attractive target for criminals and fraudsters. And the latest Australian Competition and Consumer Commission (ACCC) Scamwatch data is telling. 6
In 2019, phishing via email and phone – the apparent primary weapon of choice for hackers due to its low complexity and high success rate – scammed Australian businesses out of more than $1.5 million, almost doubling the losses experienced in 2017 and 20181. 1 Australian Competition and Consumer Commission (ACCC) https://www.scamwatch.gov.au/about-scamwatch/scamstatistics?scamid=31&date=2019 2 Australian Competition and Consumer Commission (ACCC) https:// www.scamwatch.gov.au/about-scamwatch/scam-statistics?scamid=31&d ate=2020-01
