“We have really now started to scratch the surface of the exposures that law firms have. There is no question that the bad actors are really beginning to understand just how valuable the information that law firms hold is,” Ricketts said. “It is making law firms more of a target and is making hackers a lot more sophisticated in how they leverage this information.”
Just as audits should be on the mind of decision-makers in all firms, not just those immediately affected, so should the question of cybersecurity insurance. According to Ricketts, extortion—where confidential data has been breached and is being held to ransom—is one of the five principal areas covered by cybersecurity policies. But how different policies treat the matter varies.
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