Risk update: Cybercrime Dr Debra Malpass – Head of Research

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 Firms ABS 185,000 Individuals

Introduction to cybercrime Widespread within the UK Law firms targeted for money and/or information Attacks can threaten firms operations and/or reputation

Cybercrimes and scams Hacking Email modification Malware Identity theft CEO Fraud

Impact on the legal market 2018 164 reports to us about cybercrime 2018 6.2m client money lost to cybercrime Email modification fraud - more than 80% of all cybercrime reports to us Email fraud reports to us up by 23% (since 2017)

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 the messages affect how firms engage with the communications? 400 300 200 100 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? You wouldn’t fall for this, but 3 month trial period – 3 end of month emails

Initial results Engagement with different email tones 30000 Does the tone of the messages affect how firms engage with the communications? 25000 20000 15000 10000 5000 0 First day Positive message One month later 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: Risk Outlook IT Security paper Technology and legal services paper