12 Jan Why conveyancers should watch out for Cyber Monday deals
Cyber Monday always falls on the Monday after Black Friday. It is considered one of the final opportunities to snap up incredible savings online before the festive season begins, with retailers offering online deals on their websites.
It is also commonplace for major retailers to have up-to-date cyber protection as Cyber Monday is also a hackers paradise. Since 2017, the number of businesses experiencing phishing attacks has risen from 72% to 86%. However, in recent years, cyber criminals have been turning their attention to the housing market, as the financial transactions involved are higher, and cyber security has been lacking, making it easier to initiate threats through malware and ransomware attacks. Cyber hackers have become more intelligent and have adapted to many counter-hacking measures, using sophisticated attacks via password guessing and phishing, stealing thousands from conveyancers and law firms.
With thousands of pounds at stake, the UK Government introduced Cyber Essentials, a scheme supported by the NCSC (National Cyber Security Centre).
What is the Cyber Essentials scheme?
The Cyber Essentials UK government backed framework sets out five basic security controls. Its aim is to protect organisations against 80% of common cyber attacks, reducing the risk of threats such as malware, attacks against networks, phishing attacks, ransomware and password guessing.
Organisations can help to guard against such threats by applying for certification, demonstrating their commitment to cyber security. There are two levels of certification – Cyber Essentials and Cyber Essentials Plus. The certification process is managed by the IASME Consortium, which licences certification bodies to carry out Cyber Essentials and Cyber Essentials Plus certifications.
Although the Cyber Essentials scheme is mandatory for businesses and suppliers looking to bid for certain government contracts, many conveyancers have also signed up to the scheme. This means that all data and documentation kept digitally by the company is safe from cyber attacks and threats, and shows clients that they are taking cyber security seriously.
Deed of Trust
This approach has been particularly useful in reducing cyber crime against deed of trust documentation. A Deed of Trust, also known as a Declaration of Trust, is a legal document used by people buying a property. It sets out how much money each person has contributed towards the property purchase price and what should happen to the money if the property is sold. A Declaration of Trust is usually taken out by couples, but it can also be used by family members or friends who are buying a property together.
In the past, criminals have intercepted emails and managed to fraudulently change legitimate bank account details, with the overall objective of stealing money. Now with more and more conveyancers signing up for the Cyber Essentials scheme, this has ultimately made it more difficult for criminals to intercept digital information.
If you are buying a property with someone else, or you are contributing money towards buying a property, always find out the deed of trust cost in advance. Firms such as Sam Conveyancing can help by drawing up the Deed of Trust for you and ensuring that each person’s financial interest in the property is protected.
Remember to also look out for firms who have signed up to the Cyber Essentials scheme for that extra layer of online protection against cyber attacks.
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