Cybersecurity. Is your risk mitigation strategy up to par?

Between 2021 and 2022, The Australian Cyber Security Centre (Australian Government’s lead agency for cybersecurity) reported some alarming statistics that should have every legal practitioner on high alert. There were 76,000 cybercrime reports via ReportCyber – that’s one report every 7 minutes. The cost of cybercrime is up to $33 billion ++ in Australia. The average self-reported loss was $39,000 for small businesses and $88,000 for medium businesses. Approximately 52% of ransomware cybercrime reports were by small-medium businesses. No sector of the Australian economy is immune, and the harsh reality is that cybersecurity events can be fatal to any business.

So, what are you doing to protect your data and your clients’ data? What systems do you have in place and who provides those systems? At MM, we are in the business of data. Aside from the unrivalled functionality that we provide, behind the scenes we have security experts devoted to keeping us (and our clients) in the best position to mitigate any potential cybersecurity events. We have policies, procedures and processes in place which include Personal Data Breach Notification Procedures that would be activated in the event of a cybersecurity attack. Our Business Continuity plans are subject to strict internal and external audits as part of our ISO27001 obligations.

It is easy for software providers to say: “we are secure”, but it is much more difficult (and expensive!) to maintain the kind of security framework we have at MM. No firm can say they are immune to cybersecurity attacks, but our regular attack simulations, regular penetration testing by external security consultancies, external audits of our Information Security Management System together with our ongoing network monitoring gives our clients (and their clients) reassurance.

If you are considering your position on data security and the systems you have in place, our approach to security should be reason enough to implement MM. Book a demo with one of our team today and take comfort in your client data being in safe hands.

This article first appeared on LinkedIn on Aug 25, 2023.


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