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Law firms face many challenges. Lawyers are focused on making sure their clients get the best possible outcome for their cases, which requires their full attention and dedication to justice.
Unfortunately, this is not all that lawyers have to deal with on a daily basis. Firms of all sizes store vast amounts of personal information, the loss or loss of which can lead to major lawsuits. While these incidents may seem rare, they are far from being the case.
As law firms become more digital, cyberspace is becoming a more real threat to the legal system as a whole, as well as to individual firms.
According to the 2022 ABA Cybersecurity Tech Report, 27% of law firms have experienced some form of security breach. Law firms are extremely attractive to cybercriminals because of the wide variety of confidential and valuable information they hold and have access to. Recent attacks on major law firms target information such as:
- Customer personal data such as social security numbers and financial and medical records.
- Ready documentation for M&A deal
- Intellectual Property Information
- Tax returns and other confidential tax documents
- Confidential, damaging customer information
- Data for reporting insider trading
For this reason, among other things, Embroker has launched our first vertical offering based on the new ONE by Embroker: Law Bundle platform. This package combines legal liability insurance with cyber risk insurance to protect firms from the risks of doing business as well as the growing threat of cyber attacks.
As our insurance director David Derigiotis points out, cyber insurance is more important to law firms than you might think:
“With the number of security incidents in 2022, effective cyber insurance for law firms is more important than ever for businesses. Unfortunately, many lawyers’ professional liability insurance does not actually cover the most vulnerable areas, including cyber threats. The new Embroker Legal Suite is a bespoke, transparent solution to better protect law firms from potential malpractice claims as well as the consequences of increasingly common cyberattacks.”
Click here to get started with Embroker’s new legal package.
To learn more about Embroker’s new package of laws, read the entire press release here.
Learn more about ONE by Embroker in the press release here.
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