The proportion of law firms targeted by scammers has risen sharply over the last year, especially among larger firms, as has the number of practices taking out cyber-insurance, according to new research from the Law Society.
The Law Society Survey of 601 sole practitioners and firms with between two and 25 partners was commissioned for its annual review of the previous indemnity insurance round.
26% of firms said they were targeted by scammers in the previous year. This figure increases as firms got larger, to 50% of firms with 5-10 partners (Up from 34% in 2016) and 64% of firms with 11-25 partners (Up from 44% in 2016).
Most common forms of scam were spam emails/phishing. Others included: Malware/computer viruses, cyber attacks, telephone calls/vishing and invoice fraud.
The two main responses were taking internal activity (such as increased cyber security training and additional checks, balances and reminders) and updating existing security systems.
Firms contacted the police in 19% of all cases.
Approximately 42% of firms surveyed with 5-10 and 11-25 partners now have cyber insurance in place – and almost all of the others have at least considered it – although the figures fall for smaller firms.
We are interested in hearing from you about your Cyber insurance experience… Are you looking to take out Cyber Insurance for your business? Or if you already have cyber insurance, has your experience been a positive of negative one?