You just opened a mass phishing email, creating downtime because you now need to run a security check. What does this mean? It is simple; your law firm might be losing money because they are unprepared for this attack.
Now, think if you had cyber insurance keeping you afloat during this crisis. Your insurer would reimburse you for the extortion fees and the data loss. Sounds unimportant to you if you have not fallen victim yet, but one in forty small businesses are at risk of being a cybercrime victim. At the end of the day, this means that small businesses, such as small law firms, are not prepared for cybercrime.
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As of 2016, small law firms are the number one industry targeted for cybercrime. Law firms tend to lack protection, and hackers know this, that is why cyber insurance is almost necessary for law firms to have maximum cybersecurity protection.
How Can This Cybersecurity Tip for Lawyers Help?
Cyber insurance is all around protection, from the time you sign up, to the time a crisis arises. The insurance company will be there to assist you before, during, and after you fall victim to their crime. Cyber insurance does three things: prevents, protects, and responds.
- The insurance company supplies risk management resources to help you prevent an incident from occurring
- You will have defense coverage and data risk liability to protect your firm from lawsuits
- They will be there for you whenever a cybercrime arises, giving possible solutions and disaster response plans
What are the Types of Coverage?
Your law firm can choose from first or third party coverage.
First party coverage primarily includes the cost of the destructed data. This coverage might include the fees necessary to restore your data, or even testing the computer for security problems and repairing the issue. Also, this coverage can even pay for downtime and forensic investigation expenses during the response period of the breach. Lastly, cyber insurance reimburses you for the extortion fees after a Ransomware attack – which we all know could come in handy.
The other coverage, Third party coverage, helps mostly with liability coverage against clients and employees after a breach occurs. This coverage includes the liability claims against your law firm’s transference of viruses and malware to customers. It even includes the fees needed to communicate the possible threat to customers and employees. Sometimes third party coverage can encompass crisis management and call center expenses.
Cyber insurance is one easy way to combat cybercrime, and the damaged reputation that unfolds after a breach has struck. Follow this cybersecurity tip for lawyers and your organization will be ahead of the rest in network security. If you are worried about your network’s safety, Total Computer Solutions can help you by running a cybersecurity assessment of your network. For more information, call 336.804.8449.
