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Instant Insights / Is Your Law Firm’s Data Secure Enough? Probably Not.

Cyberattacks are a fast-moving target, and it’s imperative that law firms, with their confidential client information, get ahead of them. Law.com’s reporting, however, shows that many law firms are poised to get caught flatfooted should hackers infiltrate their data. In this Instant Insights, we look at where the security holes are and what law firms should do to get up to speed.

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Insurance professional Ralph Pasquariello offers a cautionary tale about one law firm that recently paid the price for cheapening out on its cyber liability insurance.

“I got called in to insure a firm here in Atlanta,” he recalls. “When I met with them over the last couple of years, they resisted my help and assessment of their coverages. Then, six months ago, they were involved with a business e-mail compromise that cost them $127,000.

“The cyber policy I would have sold them would have cost somewhere around $6,000,” said Pasquariello, cyber/data/network liability specialist and commercial liability consultant for Atlanta-based Snellings Walters Insurance. “Do the math. The loss they incurred was much more than $127,000, as they needed to pay for forensics and restoration costs.”

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