Risk update: Cybercrime

Dr Debra Malpass - Head of Research and Analysis

David Bish - Behavioural Insights Analyst
Today’s session

Introduction to cybercrime
• What is the risk posed by cybercrime?

Behavioural aspects of cybercrime

• Results from cyber email trials
The solicitors and law firm market

Across England and Wales we regulate:

10,400 750 185,000

Firms ABS Individuals
Introduction to cybercrime

Law firms Attacks can

Widespread targeted for threaten firms
within the UK money and/or operations
information and/or reputation
Cybercrimes and scams

Hacking Email modification CEO Fraud

Malware Identity theft

Impact on the legal market
2018 2018

164 £6.2m Email Email fraud

modification reports to us
client money fraud - more up by
reports to us
lost to than 80% of 23%
about
cybercrime all cybercrime (since 2017)
cybercrime
reports to us
Why do people fall prey to cyber attacks?

There are a number of behavioural and environmental

factors that influence whether we fall prey to cyber attacks

Context Time Behaviour

Cybercrime email trial: Day of the week

Key facts

• 7,295 firms
involved
– C2,400 in
each group

• 6 week trial
period
Results

Engagement rate over the trial period

500

Does the timing of 400

the messages affect
how firms engage 300

with the 200

communications?
100

0
Wed 1 Fri 1 Wed 2 Fri 2 Wed 3 Fri 3 Wed 4 Fri 4 Wed 5 Fri 5 Wed 6 Fri 6
Cybercrime email trial: Subject line

Key facts
Help the SRA!

• 10k firms involved

– 3,300 in each group
Could you be next?

• 3 month trial
period – 3 end of
You wouldn’t fall for
this, but… month emails
Initial results

Engagement with different email tones

30000

25000
Does the tone of the
messages affect 20000

how firms engage 15000

with the
communications? 10000

5000

0
First day One month later

Positive message Fear factor Illusory Superiority

What does this mean for you?

• Stay aware
– It’s a matter of when, not if…

• Complete appropriate checks

– A little time now can save a lot of time later

• Raise awareness
– Consider how you communicate with your firm
Thank you

Find out more:

Technology and
Risk Outlook IT Security paper legal services paper