August 19, 2019 Tech Tips

Lawyers and Cyber Insurance: Are You Lagging Behind?

By Jason Betke and Dan Cotter

With cyber threats on the rise, all businesses, law firms included, need to adapt in order to prevent these perpetual risks. According to the 2019 Verizon Data Breach Investigations Report (DBIR), 43 percent of data breaches in 2018 targeted small businesses. Additionally, the DBIR noted the professional services industry, which includes law firms, saw an increase of cyber threats through phishing scams and attacks on credential theft. The DBIR reported that financial gain was the primary motive for attacks on professional services industries, demonstrating that malicious actors remain homed in on monetizing stolen data. As threats to gain access and compromise sensitive information entrusted to lawyers continue, it is critical for lawyers to protect their email and credentials and also consider how cyber insurance can play a role in supporting a comprehensive cybersecurity strategy.

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