Data Hack at Law Firm Serves as a Wake-Up Call

Data Hack at Law Firm Serves as a Wake-Up Call

With millions of consumer files compromised annually there shouldn’t be a need for a wake-up call. Identity thieves are getting smarter and bolder and the good guys aren’t keeping up. It is not a matter of if you are a victim of a data breach. It is matter of when and how many times.  We should all have of our own personal identity theft protection program in place.

The recent compromise referred to as the “Panama Papers”, serves as a different wake-up call. The data breach of the law firm of the Panamanian Law Firm Mossack Fonseca is a wake-up call for us all.

Are those who keep your personal data on file have a strong security protocol in place?

This is a question you should be asking your CPA, your Financial Advisor, your attorney, your doctor, etc. If they don’t, I would think twice before utilizing their services.

 A business that does not take this issue seriously is nothing but careless and should make you wonder what other ways they being careless.

This law firm that handles very high profile clients and politicians apparently had no protocol in place. They didn’t even have something as simple as encrypted servers. Further, it was reported that the data breach entailed the theft of 11.5 million documents. Experts say it would take 2 days to download that information. Is it remarkable that no one in the firm knew that was actually occurring?

The personal and private information of the rich and famous and high profile is big news for sure. The revelation of offshore accounts and potentially shady dealings is juicy news. However, that is not the real story here. The fact that this high profile law firm had no security protocol not even encryption is remarkable.

So, start asking the questions. As I said before, there will be many attempts of theft on your personal information. The key is how protected are you with the information that is out of your control?

Bob Brooks is host of The Prudent Money Radio Show, Financial Advisor, and active money manager that consults and helps people plan.

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