Posted on: October 3, 2019 by Huntersure LLC.
Cybersecurity issues have dominated the headlines in recent years, highlighting everything from election interference, major data breaches, and even identify theft from phone app use. In fact, nearly 4,000 data breaches had hit American companies in the first half of the year, a 50-percent increase in the last four years.
But while these breaches have been known to hit companies in various industries like technology and finance, essentially no industry is immune, including the legal industry. Today’s law firms cannot afford to overlook these data points as falling victim to a cyberattack could completely drain a firm of its resources, that’s why having everything from data protection to lawyer liability coverage, like from Huntersure, is important.
It’s also important to be aware of the major risks facing the legal sector. Here’s a better look at what to keep an eye on and guard against.
Phishing scams are reported to be the most common form of cyberattack affecting today’s law firms. This kind of scam is built off social engineering tactics in which attackers influence users to open malicious links or attachments. These attacks can come off as very convincing emails, masked as coming from a trusted contact, like a colleague or supplier, and are usually sent via email. They can also come through social media or text. Law firms need to make sure their staff are well-trained and informed when it comes to being on the lookout for phishing attacks.
Ransomware attacks are quite common in major industries but are making a rise in the legal sector as well. This kind of malware attack prevents users from accessing files or data on their computer or network until a ransom has been paid out. What’s more, in this kind of attack, paying the ransom doesn’t necessarily mean that a law firm will regain access to data and information.
Supply chain compromises increased by 200 percent in 2017, according to a report from Symantec. A law firm’s supply chain can be taken over in many different ways including the exploitation of third-party data stores or software providers. In an extreme scenario, third-party suppliers fail to secure the systems that hold their sensitive data.
To combat this, law firms can conduct thorough due diligence on any suppliers or partners while also going over agreements and making sure they are based on how data is handled.
In certain ways, any data breach is a major data breach. Confidentiality is key when it comes to operating in the legal sector, so law firms are prime targets when it comes to data hackers as they look to get a hold of sensitive client information. And the cost of a data breach goes being losing information–it can cost a law firm millions of dollars in loss plus more in legal fees and lawsuits brought on by rightfully upset clients.
At Huntersure, we specialize in providing quality professional liability solutions to accounting professionals. Our Accountant Liability Insurance program provides coverage for accountants, auditors, bookkeepers, and tax preparers, so no matter where your clients lie in the industry they can have the coverage they need to protect themselves and their assets. To learn more about our operation and our Professional Liability Insurance solutions, contact us today at (855) 585-6255.