In a recent interview with the New York Law Journal, Ronald Shechtman, Managing Partner of Pryor Cashman, discussed how cybersecurity threats are impacting midsize firms and what must be done to manage them.
Speaking with Susan DeSantis, NYLJ's Deputy Editor-in-Chief, Shechtman recounted a failed cyber attempt made against the firm: While handling a substantial deal, an attorney was asked - ostensibly by the client - to wire several hundred thousand dollars to an account in the Far East. The attorney requested written confirmation and received a fax from the client on his unique stationery with his unique signature. It was then discovered - before the transfer was executed - that the client's email had been hijacked.
"The first lesson is that written confirmation isn't enough," Shechtman said. "But in terms of the basic cybersecurity protections that you need, it's just not an area where you can economize."
To read the full interview, please click here.
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