Does Your Firm Need Cyber Insurance?

For law firms, protecting the confidential data of clients CYBER ATTACK. Word cloud concept illustration.any unintended leak of information related to intellectual property or a prominent legal case can be disastrous.

Many lawyers are often asked to safeguard sensitive information, but their ability to do so can be undermined by weak cyber security and determined hackers. If firm’s security is breached, cyber insurance may help protect against subsequent losses.

Key Marsh 2014 Cyber Survey Findings:

  • 79% of respondents in aggregate viewed cyber/privacy security as one of their top 10 risks in their overall risk strategy.
  • 72% said their firm has not assessed and scaled the cost of a data breach based on the information it retains.
  • 51% said that their law firms either have not taken measures to insure their cyber risk (41%) or do not know (10%) if their firm has taken measures.
  • 62% have not calculated the effective revenue lost or extra expenses incurred following a cyber-attack.

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