Law firms face many challenges. Lawyers are focused on ensuring that their clients get the best possible results for their cases, which requires their undivided attention and dedication to justice.
Unfortunately, that’s not all that lawyers have to do on a daily basis. Firms of all sizes hold an inordinate amount of personal information which, if lost or misplaced, can result in a major legal lawsuit. While these incidents may seem rare, they are far from it.
As law firms become more digitized, the cyberspace poses an increasingly viable threat to the legal system as well as to individual firms.
According to 2022 ABA Cyber Security Tech Report27% of law firms have experienced some form of security breach. Law firms are particularly attractive to cyber criminals because they store and have access to a wide variety of sensitive and valuable information. Recent attacks on major law firms have targeted information on:
- Personal customer data such as social security numbers as well as financial and health records
- Pending M&A Transaction Documents
- intellectual property information
- tax returns and other confidential tax documents
- Sensitive, Highly Harmful Customer Information
- Data to report insider trading
For this, among other reasons, the abroker has launched our first vertical offering built on the new One by Abroker platform: the Law Bundle. This bundle combines legal practice liability insurance with cyber risk insurance to protect firms from the risks of running a business as well as the growing threat of cyber attacks.
As David Derigiotis, our Chief Insurance Officer, says, cyber insurance for law firms is more important than you might think:
“Given the number of security incidents expected in 2022, effective cyber insurance has never been more business-critical for law firms. Unfortunately, many attorneys’ professional liability coverage doesn’t really address their biggest risk areas – which include cyber threats. The imbroker’s new law bundle provides law firms with a custom-built, transparent solution to better protect against potential malpractice lawsuits as well as increasingly prevalent cyber-attacks.
click here Get started with the new law bundle from the broker,
For more information on the new law bundle from the broker, Read full press release here,
For details on One by Embroker, read that press release here.