From efficiency to exposure: the cyber risk facing professional services firms

A new article co-authored by Hall & Wilcox and Howden highlights the escalating cyber risk facing Australia’s professional services sector – and the urgent need for firms to strengthen their response.

The article, Cyber risk in Australia’s professional services sector: a growing threat, explores how digital transformation is increasing exposure to ransomware, data breaches and regulatory scrutiny, with many firms unprepared for the consequences.

Firms that digitise workflows are gaining efficiency but also expanding their attack surface. Cyber criminals are increasingly targeting legal, accounting and consulting forms for their sensitive client data and financial information – the very assets that underpin their value and reputation.

Eden Winokur, Partner and Head of Cyber at Hall & Wilcox, said, ‘Cyber risk is one of the greatest risks of our time. Cyber incidents can have a material impact on the financial wellbeing and reputation of professional service firms. Cyber insurance forms an important part of the overall risk management approach that professional service firms should be considering.’

The article outlines how cyber insurance can offer financial protection and rapid access to expert support in the event of an attack. It also details practical steps firms should take to strengthen their privacy governance and implement essential cyber controls.

Jack Bassett, Senior Associate at Howden, said, ‘It’s no longer a question of it, but when. The firms that respond best are those that plan ahead and act fast when incidents occur.’