Law firms are particularly vulnerable to cyber crime due to the treasure trove of data they hold such as clients’ personal identity documents, commercially sensitive information, intellectual property, and bank details.
Hackers are becoming more sophisticated, and in Q4 of 2016, there was a 173% increase in data security incidents reported by legal sector (Information Commissioner’s Office (ICO), June 2017).
The threats posed to law firms are wide ranging and can result in:
- loss or damage to digital assets such as data or software programmes
- business interruption from network downtime
- reputational damage
In addition, law firms that fall victim to cyber crime could come under greater regulatory scrutiny, face possible negligence action, and be subject to greater fines.
Download Wesleyan’s free eGuide to read practical tactics you can use in your law firm to help mitigate against the risks of cyber crime.
To discuss your cyber and data insurance requirements with Wesleyan, simply email financialreview@wesleyan.co.uk and quote reference 51018, or call 0800 294 9052 (Lines are open 8am-8pm, Monday-Thursday – 8am-5pm Friday).
