Cyber Risk Trends for Law Firms

Law firms have significant cyber risk exposure, and should be carrying Cyber Risk Insurance.  A recent article, Cybersecurity: The Looming And Growing Threat (see here), highlights seven trends in law firm cyber security:

• Law firms are viewed as vulnerable and are being asked to increase IT security
• Data breaches growing – 27% CLOs reported a breach within the last 24 months
• Increasing regulation – will be both a burden and an opportunity
• Broad mobile adoption – mobile devices in wide use at law firms
• Cyber Risk Insurance is important – many affordable options available, many buying
• IT Security important – including strong password security and training
• IT Security – security culture growing in law firms

Cyber Risk Insurance is an essential coverage for business of all sizes for protection from both criminal attacks and employee error; it should not be optional.  Coverages vary widely and can be tailored to cover the cost of breaches, forensics, business interruption, crisis management and PCI assessments. 

Tennant Risk Services is a specialty wholesale broker and underwriting manager, and delivers expertise, markets and exemplary services to our retail insurance agent clients in the placement of professional liability insurance (E&O, D&O, EPL, Cyber).  We excel at hard to place accounts.