To businesses, particularly those in the legal and accountancy sectors, the ‘Paradise Papers’ disclosures once again highlights the need for robust data security.
One of the largest leaks of all time, the Paradise Papers involves the release of over 13.4 million electronic documents such as emails, loan agreements and bank statements, pertaining to over 12,000 highly prominent companies and individuals.
Much conjecture has surrounded the identity of the source culpable for obtaining the files and bringing them to the attention of Süddeutsche Zeitung, the German newspaper responsible for sharing details of the leak with media organisations around the world. Offshore legal firm Appleby, from which the majority of the disclosed files are said to originate, has blamed a ‘criminal hack’ of its computer systems.
Treating data protection with the utmost importance
To mitigate the risk of both external and insider attacks, it is vitally important for all organisations that process sensitive client information to implement appropriate cyber security controls.
As the Paradise Papers exposé highlights, not only are businesses such as Professional Services firms vulnerable, but the fallout of an attack, for both a breached organisation and its clients, can be severely damaging. With Appleby now forced to save its reputation, many of its clients, including politically exposed persons, or ‘PEPS’, have seen their financial affairs made public.
Mossack Fonseca, the international law firm at the centre of the 2016 ‘Panama Papers’, reportedly suffered significant reputational damage after 11.5 million of its documents were disclosed to the press. So too, DLA Piper, whose systems were disrupted by the WannaCry global ransomware outbreak in May.
How to address the latest cyber security challenges
To improve data protection and comply with regulations and standards such as the incoming GDPR, businesses across all sectors must first begin to fully understand what information it is they hold and implement suitable procedures and controls to protect it.
As a provider of managed security services, Redscan can help organisations, including those across the law and accountancy sectors, to understand and mitigate the risks posed by the latest cyber threats to key assets. From custom cyber security assessments such as penetration testing and simulated cyber-attacks, to proactive network and endpoint monitoring, our experts possess the skills and experience necessary to harden defences and respond swiftly and effectively to breaches.
With cyber security skills in short supply, and the costs of setting up an in-house security operation considerable, entrusting your security needs to a managed services provider not only provides peace of mind that valuable data is protected, it also offers significant cost savings compared to equivalent in-house investment.