LAW & PROFESSIONAL SERVICES
Professional services accounted for 30% of cyber insurance claims in 2020.
3 Types of Cyber Incidents Affecting Law Firms
Ransomware
Malicious software used to threaten to publish or block access to sensitive data. A cybercriminal uses ransomware to encrypt files on a network and make them unusable. The criminal then demands a ransom in exchange for a decryption key that a manufacturer can use to access its files once again.
Financial Fraud
A cybercriminal hacks into a firm's emails in order to study their activities and take the invoices, so that they can contact the clients through the official email address and asking them to redirect payments to a different bank account.
Phishing
A large business email compromise (BEC) group has their actors impersonate major professional firms in order to add legitimacy when phishing emails. The recipients are tricked into processing the invoice for payment.
What Cyber Attack's Look Like for Law Firms
Sensitive Client Data
Grubman Shire Meiselas & Sacks, the celebrity firm, was hit with $21M ransomware attack. Ransom increased to $42M when files related to Donald Trump were discovered. The attack resulted in loss of sensitive data belonging to the likes of Lady Gaga, Madonna, Bruce Springsteen and Elton John.
Financial Fraud
MAZE, a cyber crime ring that specifically targets small professional services, attacked & exposed the data of Baker Wotring LLP, releasing fee agreements and diaries from personal injury cases.
Phishing
The nature of legal work means you are constantly in contact with lots of different individuals and organizations, ingesting and sending lots of data, in all kinds of unique ways at all hours of the day. This is a pattern that is not easy to monitor or control. DLA Piper was hit by a ransomware attack that infected hundreds of thousands of computers across their platform.
When the worst happens, you'll have the best legal, technical and financial support
Backed by a multi-billion dollar insurance partner, DataStream provides broad coverage for your first-party and third-party losses, including breach, ransomware, cybercrime, cyber terrorism, and risk analysis tools.