Lawyers & cyber risk: beware the tech-shy (and the tech-savvy)
Most law firms now tell us that cyber security is one of the highest risks on their agenda, says Travelers' Jim Jack
The definition of ‘cyber’ is not the same for everyone, but what’s clear is that businesses large and small are now targeted by a number of protagonists; from organised criminals to determined ‘hacktivists’ and even state-sponsored agents.
The risk of fraud is not new to law firms, but it is one that continually evolves. The manner of execution has changed and so must the way we think about protecting against it. Our experience shows that while fraud has always accounted for a small number of professional indemnity claims, it has resulted in a disproportionally high level of losses. Increasingly, we are confronted by fraud where the technology we rely upon is turned against us.
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