The news is regularly showcasing headlines about companies experiencing cyber breaches, as criminals refine their skills, finding sophisticated ways to get their hands-on personal data and intercept financial transactions. So when was the last time you reviewed your law firm data security?
But when it comes to law firm accounts, how are you able to ensure that the information the business holds is kept safe and secure? And how are you able to ensure that you’re remaining compliant for your regulators?
Law firm data security is one of the many facets of the day to day running of business. One that regularly competes for a solicitor’s attention but may not seem as high a priority as earning fees or other more profitable business opportunities.
Due to the increasingly cyber world we live in, having cyber policies and security in place is vital to ensure cyber criminals are kept firmly in the dark. However, The ‘Cyber Security Breaches Survey 2019’, released by the Department for Digital, Culture, Media and Sport found a number of policy omissions desperately needed to protect a firm and their clients from the clutches of cyber criminals.
Only one third of UK businesses have created a cyber security policy within their organisation, with 26% training staff to spot the signs of cyber crime. Fewer than a third of organisations had also planned for a data breach.
This is where outsourcing your management accounts can help to free up your time, to focus on money earning opportunities and other priorities, whilst leaving the law firm data security, compliance and cyber security in a safe pair of hands.
An outsourced management accounts team take a belt and braces approach when it comes to security measures. They’ll have procedures and policies in place like firewalls, encryption, password protection, physical data centre anti-intrusion systems, software updates and back-up procedures. This approach ensures that your law firm data is kept secure.
The Solicitors Regulation Authority speculated in 2018 that £11million was lost in the legal sector due to cyber crime, and as a result a plethora of regulations have been instigated to help tighten law firm’s defences, and ensure firms share information with regulators as soon as issues become apparent.
Third party suppliers are able to keep their fingers on the pulse of your accounts and flag up anything that seems out of place not only to you, but to the regulators, in a timely manner. This alleviates time pressures and potential to miss an issue and come under further scrutiny.
Why The Cashroom?
Here at the Cashroom our experts are on hand to take some of the stress away from day to day business. Our expert legal cashiers can help to improve the efficiency of your law firm, whilst ensuring firms remain complaint with the SRA Account Rule Changes.
If you are considering outsourcing legal cashiering and would like to chat to someone at The Cashroom, please get in touch.
If you are regulated within the English and Welsh markets then please contact:
Alex Holt E: firstname.lastname@example.org t: 07817 420 466
If you are regulated by the Law Society of Scotland, please contact:
Gregor Angus E: email@example.com t: 07875 598 593