James Graham, Travelers Europe
In tandem with other covers, cyber insurance provides the best cybersecurity shield, says James Graham of Travelers Europe.
For so many businesses, it’s a case of not if, but when. In 2021, two in five UK businesses said they had experienced cybersecurity breaches or attacks in the previous 12 months, according to the UK government’s Cyber Security Breaches Survey 2021.
While cyber criminals often don’t discriminate when it comes to launching attacks, law firms are seen to be frequent targets. In 2020, the Solicitors Regulation Authority reported 75 percent of law firms had been targeted by some form of cyber attack. In 2021, the professional services industry was the second most-targeted industry for ransomware attacks, according to research from the global IT forensic response firm Kivu. In the UK alone, the legal sector has reported approximately 200 data security incidents per quarter to the Information Commissioner’s Office (ICO) in recent years.
With the risks and sector targeting increasing, financial and reputational consequences can be severe for law firms, as threat actors not only lock systems and steal sensitive data, but also threaten to publish or sell it unless ransoms are paid. Containing the damage requires a careful, coordinated, prompt response.
Trvaelers, Cybersecurity, Technology, Cyber, Professional Indemnity, Insurance, Reinsurance, James Graham, UK