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I N D U S T R Y I N S I G H T / H A R R I S O N E . T R O P P
Foreclosure law firms have played an important role in the
implementation of technology and have, in many ways, led the
charge. Whereas traditional firms transmit an aura of forced
conformity, the default sector has been seemingly receptive to
technological progress. From the development of proprietary
case management systems to installing paperless file and barcoding classifications,
many firms have been receptive to exploring new efficiencies. Unfortunately,
technological advancements do not always yield positive results. In the not too
distant past, the thought of a law firm being infiltrated remotely by a third party
seemed far-fetched, if not completely absurd. In an era of illicit creativity though,
cyber-related crimes have continued to rise in recent years and now pose an
existential threat to all companies, including law firms.
THE FIVE FOLLIES
Cybercrimes unfortunately do not fit
a standard mold. According to Travelers
Insurance, there are five specific types of threats,
and understanding each type can better prepare a
firm for a potential loss.
1. General Hacking: While it can be argued
that all versions of cybercrimes involve some
sort of hacking, this is perhaps the most basic
one. Hacking occurs when a person gains
access to information by way of weak or default
passwords. Moreover, hackers can install
malware to capture keystrokes, thus increasing
the potential of a password being compromised.
Cybercrimes pose an existential threat to all
companies, including financial services law
firms. But knowing what to do in the event
of a loss can help mitigate it.
