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Welcome to the second edition of our Fraud and Cyber Insight – a quarterly update from our fraud and cyber experts on key developments across the tech, cyber and fraud sphere and practical considerations for businesses to become more fraud and cyber resilient.

Following on from the first edition of our Fraud and Cyber Insight, we continue with parts two and three of our article series on procurement fraud, which focus on identifying procurement fraud and the proactive steps to mitigate this.

Our cyber team also explores the key steps recommended by the National Cyber Security Centre following its report on the growing risk of cyberattacks in the legal industry. It is not just law firms that are particularly susceptible to cyber-attacks, but their clients too, so it is important for individuals and businesses alike to take steps to protect themselves. For further guidance on this topic and the reasons why cybersecurity needs to be embedded into the fabric of a business, see our whitepaper on 'Enhancing cyber resilience in supply chains' and our Thinking Business Publication 'Shaping up to address cyber risk'.

Looking back on 2023, our team have also prepared a report on 'Regulations and resilience' which contains a round-up of fraud and cyber legal developments in 2023 focussing on the key takeaways from recent cases and developments in legislation which individuals and businesses should be aware of.  We also look forward and consider what key cyber, tech and data issues organisations need to keep abreast off in the year ahead.

In November 2023, we marked Trustees Week by running a serious of training sessions on topics such as understanding duties, fraud and serious incident reporting.

The team also provide key takeaways to best protect legal privilege when conducting forensic investigations where a cyber-attack or data breach has occurred following a recent decision of the Federal Court of Australia, Robertson v Singtel Optus Pty Ltd [2023] FCA 1392. This decision serves as a reminder of the difficulties faced by internal counsel and bringing in external lawyers after the event when trying to create privilege. 

If you have any suggestions or requests for future editions of the Trowers Fraud and Cyber Insight, please get in touch with one of the team.

Click the links below to view our latest insights:

Cyber Security Warning – protect yourself and your business

Following the National Cyber Security Centre's report highlighting the susceptibility of those in the legal industry, we explore the recommended steps on how to mitigate the risks of cyber-attacks in a few key steps. 

Procurement fraud – Part 2 (How do you identify procurement fraud?) and Part 3 (What proactive steps can you take to prevent procurement fraud?)

Continuing our three-part series on procurement fraud, our second article focuses on the red flags associated with procurement fraud in relation to the procurement cycle and how to identify where processes and controls may need to be tightened. The third and final article of our series looks at the key steps public sector organisations should be taking in order to prevent procurement fraud in the first place and to mitigate the risks associated with procurement fraud if, despite best efforts, it occurs.

Whitepaper Launch: Enhancing cyber resilience in supply chains

In this whitepaper, which has been co-authored with Cyber Risk Score, we take a detailed look at building and enhancing cyber resilience in supply chains. 

Managing cyber security and data protection – a meeting of minds?

We live in an increasingly data driven world and have seen cyber-attacks of all kinds become increasingly common place.  With this, the issues of data protection and cyber security have become more intertwined than ever before.  We look at how organisations show be managing these two important issues. 

Shaping up to address Cyber Risk

In the fast-paced digital world, the risks associated with data breaches and cyber-attacks weigh heavily on the minds of all business leaders.  Read more about our practical takeaways on how to implement a good cyber risk management strategy here. 

Forensic investigation reports prepared in the wake of a cyber-attack: when does legal privilege apply?

In a recent decision of the Federal Court of Australia, Robertson v Singtel Optus Pty Ltd [2023] FCA 1392, it was held that a forensic investigation report prepared following a cyber-attack suffered by Optus was not protected by legal professional privilege. Read more for guidance around engaging third-party experts in internal investigations, the requirements to satisfy the 'dominant purpose' test for legal professional privilege and practical steps to protect legal professional privilege. 

Regulations and resilience: A roundup of fraud and cyber security legal developments in 2023

This roundup provides insight on a handful of the key developments that the fraud and cyber security landscape has undergone in 2023, including the introduction of the failure to prevent fraud offence under the Economic Crime and Corporate Transparency Act 2023, the current regulation of AI and interesting case law updates. 

What's in store in 2024: cyber, tech and data developments in the year ahead

After a busy and packed year for the UK's digital landscape, it's time to look ahead to what 2024 has in store. This article looks at the 5 key issues organisations will need to keep abreast of in the year ahead. 

Trustee training – November 2023

We marked Trustees Week 2023 by running a series of training sessions.  Please click the link for the recordings and slides, which address topics such as understanding duties, fraud and serious incident reporting. 

Artificial Intelligence: Threat or Opportunity?

In today’s rapidly evolving technological landscape, artificial intelligence (AI) stands as a transformative force, promising a future brimming with possibilities. However, amidst the excitement and anticipation, there are concerns about the potential risks and ethical implications of this powerful technology.