Simplify Group’s November 2021 cyber attack cost the firm £6.8 million

The cyber attack and subsequent IT meltdown at conveyancing giant Simplify Group cost the firm a whopping £6.8 million, the annual report of its holding company UKLS Acquisitions reveals.

Simplify is the largest conveyancer in the UK and is made up of DC Law, JS Law, Move with Us, MyHomeMove as well as law firms Premier Property Lawyers, Advantage Property Lawyers, Cook Taylor Woodhouse and Gordon Brown Law brands.

FALLOUT

In November 2021 the firm suffered from a criminal cyber attack and as reported at the time in The Neg the fallout was huge.

The just released Annual Report and Financial Statements of UKLS Acquisitions for the year ended 31 March 2022 reveals of the incident: “The resultant restoration of systems required the level of new cases taken in to be significantly reduced for a period of approximately 10 weeks, which has dampened the results for the financial year, which otherwise would have been on track to deliver a record number of completions.

“In the period immediately following the attack the Group has closely liaised with its regulatory bodies (principally the Council for Licensed Conveyancers) to ensure that the risks to customer data, status and funds were minimised and to provide all necessary reassurances that continuous service could be provided to existing customers of the Group.”

TURNOVER

Turnover for the Group was £140.3 million (2021: £137.5 million) of which £126.6 million (2021: £124.6 million), or 90% (2021: 91%), related to Legal Services and £13.7million (2021: £12.9million), or 10% (2021: 9%), related to Property Services.

Legal Services includes conveyancing and the Move with Us network of estate agents (which supply residential conveyancing leads to the Group).

Property Services includes the bulk sale and management of residential property on behalf of new homes developers, mortgage book owners and executors and administrators of deceased estates.