header-logo header-logo

27 January 2023 / Frank Maher
Issue: 8010 / Categories: Opinion , Risk management , Legal services , Cyber , Fraud
printer mail-detail

2023: Challenges & risks ahead

107905
Cybercrime crackdown & anti-money laundering action: Frank Maher looks to the year ahead & runs through the key risks for law firms to keep in mind

Many of the common challenges for law firms in 2023 remain similar to those seen in previous years, but two key areas of potential risk—cybercrime and money laundering—are becoming increasingly more significant as we look to the months ahead.

Eyes on cyber

No firm is too small to be targeted: the client data we hold is valuable, and there is an increased risk of ransomware attacks since the invasion of Ukraine. The Solicitors Regulation Authority (SRA) reported a reduction in client losses from cybercrime at the COLP & COFA conference in November 2022, but that is not a reason for complacency. Numbers of attacks have increased in the business world generally, and Miller Insurance noted in their Review of the 1 October Renewal Season that there has been a number of payment diversion fraud and invoice manipulation losses. Meanwhile Howden Insurance Brokers’

If you are not a subscriber, subscribe now to read this content
If you are already a subscriber sign in
...or Register for two weeks' free access to subscriber content

MOVERS & SHAKERS

NLJ Career Profile: Nikki Bowker, Devonshires

NLJ Career Profile: Nikki Bowker, Devonshires

Nikki Bowker, head of dispute resolution at Devonshires, on career resilience, diversity in law and channelling Elle Woods when the pressure is on

Ellisons—Sarah Osborne

Ellisons—Sarah Osborne

Leasehold enfranchisement specialist joins residential property team

DWF—Chris Air

DWF—Chris Air

Firm strengthens commercial team in Manchester with partner appointment

NEWS
The government will aim to pass legislation banning leasehold for new flats and capping ground rent, introducing non-compulsory digital ID and creating a ‘duty of candour’ for public servants (also known as the Hillsborough law) in the next Parliament

An Italian financier has lost his bid to block his Australian wife from filing divorce papers in England on the basis it was no longer her domicile of choice

Reforms to the disclosure regime in the business and property courts have not achieved their objectives, lawyers have warned
The Law Society has urged ministers to hold a public consultation on the use of artificial intelligence (AI) in the justice system as a whole
Ministers have proposed bringing inquest work under a single fee scheme for legal help and advocacy legal aid work
back-to-top-scroll