Digital innovation has been heralded as an imperative and constantly improving area within the legal sector as more legal service professionals look to reduce timescales, improve efficiency, mitigate risk, lower costs and introduce portal technology.
According to the Solicitors Regulation Authority’s (SRA) ‘Tech and Legal Services’ report, over a third of all UK businesses and half of UK consumers, who use legal services, demand an online service of some description such as portal technology.
Almost a third of all legal services are now provided online in some capacity, increasing to over half in the conveyancing sector.
SRA research indicated that 63% of their regulated firms are preparing to migrate to an e-conveyancing service, deliver more text messaging communication and offer sophisticated online portals in a bid to move away from traditional modern methods of communication like email which are particularly vulnerable to attack.
Current Issues Plaguing the Legal Sector
It is not surprising that more law firms are turning to portal technology to protect client and business information given the increased vulnerabilities to email communication.
Price Waterhouse Cooper’s ‘Law Firm’s 2018 Survey’ found that 60% of all law firms experienced an information security and data loss security incident in 2018.
Over 80% of law firms had been the victim of a phishing attempts last year with almost half (46%) of all firms reporting a security incident involving their staff leaking or losing confidential information.
If anything, 2019 has only accelerated these historic findings with the frequency of cyber attacks involving UK businesses increasing by 243% over the summer when compared with the same period a year earlier.
Whilst the majority of law firms may be adept at dealing with this persistent threat, when communicating with and relying on the public and third parties, it becomes a lot more difficult to confidently protect sensitive information.
Between July and the end of September, 23 email scam alerts were issued by the SRA; this equates to a known email scam targeting the legal sector every four days.
This figure represents the unscrupulous emails that were identified and reported, suggesting that the true threat is a lot more severe.
Portal Technology Protecting Law Firms and Their Sensitive Information
As cyber criminals continue to enjoy the benefits of targeting traditional forms of online communication, finding a technology capable of appeasing a regulatory compliance obligation whilst defending sensitive data from unscrupulous cyber criminality is crucial.
An effective portal has the capability of unifying all communication sources, improving efficiency, protecting client information and improving the consumer journey.
Opting to use the services of outsourced legal cashiers without the security of a portal system exposes a law firm to poor communication, delays in service and the potential of data loss.
The threat of sensitive data being intercepted by fraudsters when it is sent using word processing documents and emails is now too great a threat; especially when a data breach could cause irreparable reputational and financial damage.
Why The Cashroom?
At The Cashroom, we have tested our security measures by employing a specialist firm of “ethical hackers” to help review and improve all aspects of our data security. And, of course, we also have robust confidentiality processes in place to ensure that confidential client information is protected as per the SRA code for those in England and Wales, and the Law Society for Scotland.
The Cashroom’s portal system allows both internal and external stakeholders to communicate in the knowledge that all information is secure as access is restricted to authorised personnel.
The fact that all cashiering services, financial information and communication are completed under one secure platform also ensure full GDPR compliance.
Furthermore, The Cashroom’s portal system will also improve communication and efficiency. Completing tasks without a portal system could mean multiple documents and messages being sent and shared in a variety of places without a clear audit trail.
Emails and correspondence could be overlooked, leading to delays in completed services. The Cashroom’s portal has considered this issue. Any request made by either internal or external users is unique to the law firm and has an automated workflow to ensure that all requests are completed promptly and accurately.
In addition to becoming a lot more secure, The Cashroom’s portal eradicates the sporadic and indecipherable communication issue. Tracking emails and communication can become difficult over time. The Cashroom’s portal logs all requests, tracks all communication and collates them to create a clear and precise audit trail, saving firms time and helping to ensure regulatory compliance.
Whether using The Cashroom for SRA compliance tasks or VAT returns, the portal system offers the law firm round the clock access, enabling the firm to monitor progress and remain informed whilst protecting sensitive information from unscrupulous cyber criminals.
Want to have a chat about how we can use portal technology to help your firm?
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