Mark Sangster, VP and Industry Security Strategist at eSentire:
“The parallels of Paradise Papers to last year’s Panama Papers breach are obvious, however beyond the shock factor of the leaked data itself, what’s more alarming is the depth and magnitude of this breach. Law and accounting firms should raise the alarm when it comes to their firm’s cybersecurity rigor.
Panama Papers may have been opportunistic; however it laid a blueprint for these kinds of attacks. It has shone a spotlight on tax operations in the Caribbean, and while the mechanics of the breach itself have yet to be revealed, this was clearly a targeted attack. Appleby took appropriate response steps in notifying their clients, but you can’t insure this. This class of events demonstrates why law firms must protect their clients’ confidential information. No amount of cyber insurance, data back strategies, nor business continuity planning can ever put this genie back in the bottle.
Law and accounting firms are particularly susceptible to ethical hacking and really, every firm should assume they’ll be breached, because they will be breached. These firms house a treasure trove of sensitive data that when compromised can result in sometimes irrecoverable damage. This attack will have far-reaching impacts for those affected.”