The field of law is facing a greater threat today than it ever has and is coming from the most unlikely of places—the internet. As is the case with technological innovation, for everything good that can come of it, there are always those who would abuse it. Fewer years have illustrated this fact more clearly than 2017 which saw increasingly unique and sophisticated cyber attacks such as the ransomware WannaCry attack that was responsible for crippling computers over a span of 150 countries including everyone from the average person to hospitals.
Most notably in the field of law was the summer DLA Piper cyber attack said to cost the firm millions in damages. From, there a string of other notable law firms have all been subject to cyber attacks setting a trend that refuses to die down. As of 2017, a staggering 22 percent of law firms have experienced a cyber breach according to the 2017 ABA Legal Technology Survey Report.
Cyber security vulnerability is becoming a big concern in the law industry, and there are programs available out there where you can conduct a risk assessment on your business to determine exactly how vulnerable your business may be to a cyber attack such as a hack or to be black screened, which is where someone compromises your systems and shuts everything down.
These assessment tests are typically rather inexpensive and are in some cases free. Granted, the ultimate goal of the companies that are offering those assessment services is to have your business purchase their brand of Cyber Insurance to cover any liabilities that may exist in your system that may allow an outside party to hack your systems.
Some of these programs are designed to offer on-going assessment and have designated individuals review your system to ensure that you’re in compliance with all federal and state law and regulations in regard to cyber security. They will also offer you an executive summary that will describe all the things that you may need to do in order to improve your system. If you decide to enroll in their program, a company may sometimes offer on-going monitoring and compliance.
The broad coverages that should be considered in a cyber policy includes system restoration, liability breach, business interruption costs, forensic accounting, and regulatory fines.
The Time To Take Necessary Action
With the increased media attention focused in on the string of recent cyber attacks as well as the constant threat of one occurring, there is no time like the present to focus on protecting your own business, personal and client data, as well as financial security.
For many big and small businesses and law firms alike, the necessity of purchasing some form of cyber security has become almost inevitable if not mandatory. More and more clients seeking law services are requiring the employment of cyber security insurance as an additional safeguard of their information.
This is not something that law firms should fight as law firms have the potential to house some of the most personal information available in regard to their clients. The move toward cyber security insurance and compliance is something that should be welcomed.
As a new benefit to members of the State Bar of Texas, members will now have access to unique savings on Cyber Security Insurance from one of the leading providers in the industry. An estimated one out of every four law firms become victims of a data breach, make sure that your firm is protected in 2018 and beyond.
To learn more about what this Cyber Security Insurance can do for you and your business, visit https://texasbar.memberbenefits.com/cyber-security/ to find out more today.