Safeguarding Law Firms from Cybercrime: 4 Key Strategies 

Law firms make regular use of technology and management to manage their clients’ databases, however, this also makes them more vulnerable to cybercrime, especially Social Engineering Attacks – where attackers try to trick individuals into revealing confidential information or making unauthorized transactions. Despite this, many firms remain unaware of their exposure to risk and fail to implement effective protective measures, which can make them the prime targets for cyberattacks.  

As per a 2024 report by the Legal Technology Professionals Association (LTPA), 35% of law firms experienced a significant cyber incident just last year. Furthermore, the legal sector is said to be among the top industries targeted by cybercriminals, according to Cybersecurity and Infrastructure Security Agency (CISA). 

With an on-going threat like that, it is crucial for law firms to have a strategy in place. Here are 4 ways to help law firms strengthen their defenses against cybercrime:  

Advise on Comprehensive Cyber Insurance 

We highly encourage law firms to invest in Cyber Liability Insurance to stay protected from financial losses and expenses during cyber incidents. As per the LTPA report, only 42% of firms have currently insured themselves against cyberattacks – which is alarming in terms of the damage it can cause the firm otherwise.  

For expert guidance on tailored coverage and picking the right insurance policy for yourself, Shayne Bevilacqua, Principal at Professional Liability Insurance Group, offers in-depth expertise to law firms for the last 27 years. From navigating the complexities of cyber risk management to securing the coverage you need; it’s all handled for you.

Strengthen Cybersecurity Measures 

It is also advised to law firms to enhance their cybersecurity defenses with the help of advanced security tools like real-time threat detection systems, firewalls, and intrusion prevention systems. Furthermore, conducting regular security audits to identify and address vulnerabilities is crucial, as is encrypting sensitive data both in transit and at rest. These measures collectively strengthen the firm’s digital security, helping to safeguard against potential cyber threats and ensure the protection of valuable client information. 

Implement Rigorous Financial Transaction Verification 

To mitigate financial risks and prevent unauthorized transactions: 

• Use Multi-Factor Authentication to add an extra layer of security for financial transactions.  
• Have a procedure developed for identifying and responding to suspicious activities, instantly.

Incident Response Plan 

Having an incident response plan ready is essential. This includes thoroughly planning procedures for identifying, containing and resolving security incidents immediately, in case a cyberattack occurs. By being prepared with a structured plan, firms can quickly address breaches, safeguard sensitive data, and maintain operational continuity. 

Investing in comprehensive cyber insurance, enhancing cybersecurity measures, implementing strict financial transaction controls and having an Incident Response Plan in place can significantly enhance a law firm’s defenses against cybercrime.  

If you’re looking for expert advice on Cyber Liability Insurance, Call or Text us at 1 (877) PLIG-123 

That’s 1 (877) 754-4123