Conveyancers need to be under constant alert to the threat of cyber security. With an industry that constantly handles large sums of money, a conveyancing practice if not protected, can become easy pray for hackers.
For conveyancing, one of the most prevalent attacks is with email cloning, or ‘Fraud-as-a-service’ is commonly seen when criminals impersonate supply services to carry out fraudulent activity.
Cyber criminals are turning to automated voice bots for impersonating businesses and socially engineering customers either over the phone, or commonly, via email.
While this may be one of the most common scams in the Australian conveyancing industry, practitioners must look ahead to know what other trends they need to know. International cybersecurity service, Mimecast, revealed four cyber security trends to look for in 2023, these include:
1. User awareness
Cyber-security threats are becoming more common each year, and businesses are spending a larger percentage of their IT budget on security upgrades and training.
But there is a growing move towards security awareness training as many cyber-attacks are preventable or caused by human error rather than a breakdown in digital security measures.
Greater awareness of phishing and spoofing scams, improved password strength, and some basic cyber health advice could help to prevent a huge chunk of attacks in 2023.
2. Cloud security
More and more businesses are moving their data storage over to the cloud. Still, there are significant drawbacks for specific industries with more sensitive information, as most cloud providers do not offer encryption or authentication as security measures.
Therefore, there is a pressing need to improve cloud security, with innovative measures being introduced throughout 2023 to combat cyber threats.
3. GDPR continues
The General Data Protection Regulation, or GDPR, is an EU-wide data privacy policy with global implications for businesses. Although the law is expressly aimed at citizens of the EU, it also affects any business operating in European markets.
Throughout 2023, the regulations will continue to greatly impact privacy policies.
4. Targeting of mobile devices
Around two-thirds of the world’s population own and use a smartphone and many businesses have designed websites or apps to be compatible with these devices. Consequently, mobile devices are fast becoming the method of choice for cyber attackers and scammers looking to access data.
There is a large element of unknown in the cyber crime and security industry, as it is constantly in flux and development.
Security experts constantly attempt to anticipate the cyber attackers’ next move and create applications and programs that are less vulnerable to attack.
Consult your technology provider directly for more information on the cyber security measures and additional resources you can access to stay cyber safe while conducting your conveyance.
For more business insights, industry trends and key conveyancing cyber security predictions, download The Conveyancing Handbook Edition 2: A Guide to Success in 2023 now.
