A data breach can devastate any company, causing major financial losses and reputation damage. The professional services sector is especially at risk. Last year, consultancies, management companies, and law firms faced the third-highest number of attacks, making up 15% of cases and 34% of victims in this segment.
To mitigate these cyber risks, firms need robust security measures, such as Network Access Control (NAC) and IP allowlisting, to protect their valuable client data and maintain their reputation. In this article, we’ll explore these solutions in detail.
Professional services—easy pickings for cybercriminals
If valuable client data falls into the wrong hands, significant damage to profit and reputation often follows. For example, a report by the International Association of Privacy Professionals (IAPP) found that over 80% of customers affected by a data breach would stop engaging with a brand following a cyber-attack.
The global annual cost of cybercrime is predicted to reach $9.5 trillion USD in 2024, with ransomware identified as the most immediate threat. Ransomware damages alone will cost victims nearly $42 billion USD this year.
In 2023, the number of ransomware attacks in the financial industry rose by nearly two-thirds (64%), almost doubling compared to 2021. For the third consecutive year, monetary losses due to cyber-attacks in the global financial industry rank second after the healthcare industry.
For law firms, a cyber-attack can severely damage reputation, erode client trust, and lead to the loss of current and prospective clients concerned about the security of their sensitive information.
IP allowlisting: a solution to the problem
A major weakness in the cybersecurity architecture of many organizations is loose access controls. IP allowlisting is a must-have solution for every professional service that wants to avoid data breaches.
IP allowlisting is a simple but powerful way to manage access to your network. Creating an "allowlist" of approved IP addresses opens the door for trusted connections while keeping others safely locked out.
It works like this—your firewall typically blocks all incoming traffic by default for protection. But with allowlisting, you identify specific addresses that are allowed to bypass the firewall, like your work laptop or a client's device. Everything else will be denied entry.
This targeted approach is based on the Zero Trust principle, "never trust, always verify," and gives network admins more control over who can connect remotely. You're welcoming in only the IPs you explicitly approve. All other unknown sources are kept private since they aren't on the list.
IP allowlisting can transform a broken system into one with robust Identity and Access Management. But how does it work exactly?
Don't let your revenue & reputation take a hit from avoidable cyberattacks. Get a bespoke IP whitelisting solution today.
Network access control (NAC) secures client data
IP allowlisting is a crucial component of a comprehensive Network Access Control (NAC) solution. Finance, law, and consultancy firms handle highly sensitive information daily, such as client bank details, trade secrets, and privileged attorney-client communications.
This data should be accessible only to a selected group of employees involved in the case or client interactions. Without strict access permissions, unauthorized access, data breaches, and IT system damage can frequently occur.
NAC solutions, including IP allowlisting, protect sensitive data from unauthorized access and malware. They enable granular access permissions, ensuring employees only access the data necessary for their jobs and nothing more.
By blocking IPs from accessing areas they don’t need, malicious program spread is contained, breaches in unauthorized network areas are prevented, and the attack surface is reduced.
How to protect remote and temporary workers
In the era of remote working, digital threats have increased as employees access networks from various endpoints on potentially insecure devices. Additionally, firms often hire contractors or freelancers for specific projects, necessitating temporary access to the corporate network on their own devices.
Malicious actors can exploit insecure remote workers' devices to infiltrate the corporate network, posing significant risks, especially for companies with trade secrets or confidential financial information. Such breaches could lead to insider trading or the illegal sale of intellectual property.
IP allowlisting mitigates these risks by restricting remote workers' network access. Access is granted on a user-to-application basis, limiting workers to the resources they need while keeping the rest of the network off-limits. This approach ensures that neither the worker nor any infection on their device can access or view unauthorized network areas.
NordLayer’s dedicated server with a fixed IP enhances this security by providing a dedicated IP address that automatically blocks unauthorized IPs trying to connect. Only IPs on the allowlist have access, following the Zero-Trust principle of ‘deny all and permit some.’ .
Securing the supply chain with proper access control
Most professional service firms, especially small and medium-sized ones, often lack the resources to establish robust cybersecurity measures. This becomes particularly concerning as the use of third-party applications increases across industries.
These third-party applications often have access to sensitive areas of the network. Unfortunately, many vendors do not maintain strong security defenses, creating potential backdoors for hackers or malware. IP allowlisting mitigates these risks by controlling which IP addresses can access specific network resources.
Administrators can grant access to third-party applications to a limited number of employees based on their IP addresses. These employees are then restricted from accessing confidential network areas, preventing two major issues:
Mitigation of attacks: Limiting activity to authorized applications ensures that any potential attack or infection cannot spread to the rest of the network
Preventing unauthorized use: Employees are restricted to using only the applications they are authorized to access, reducing the risk of inadvertently opening exploitable backdoors
Additionally, onboarding third-party vendors becomes easier and more secure, as a dedicated IP allows quick recognition and controlled access.
Ensuring data protection compliance
Protecting client data is crucial for maintaining trust and complying with legal and ethical standards. For instance, the American Bar Association mandates that law firms make reasonable efforts to prevent unauthorized access to client information.
Companies must also follow various regulations, including the European General Data Protection Regulation (GDPR), Health Insurance Portability and Accountability Act (HIPAA), Payment Card Industry Data Security Standard (PCI-DSS), System and Organization Controls Standard (SOC 2), and others, which emphasize the importance of safeguarding personal data.
NordLayer's IP allowlisting solution helps firms comply with these regulations by ensuring that only authorized individuals can access confidential information. This significantly reduces the risk of data breaches and unauthorized access.
How NordLayer can help
NordLayer offers a bespoke IP allowlisting solution with Core and Premium Plans and a dedicated server with a fixed IP option that includes multi-factor authentication (MFA) for added security during employee logins. Moreover, NordLayer provides robust security features, including AES 256-bit and ChaCha20 encryption, to secure all data in traffic.
Organizations can also benefit from detailed network activity logs from a centralized Control Panel, facilitating internal and external audits. Contact the NordLayer team to explore more options.
