Gallagher has agreed a partnership with The Law Society of England and Wales which will see it provide members with cyber insurance cover created specifically for the legal industry.

While the product is available to firms of all sizes, it is designed to cater to sole practitioners and firms with up to four partners where there is a significant lack of cyber cover, despite legal practitioners being at high risk of cyber-attacks, due to the extensive data they hold on behalf of clients. Recent Law Society member research revealed the extent of the issue with more than 70% of firms currently not purchasing cover, leaving them exposed to significant financial, operational and reputational costs. This is despite a similar number (65%) admitting they have been a victim of a cyber attack.

Ben Waterton, executive director of Gallagher Specialty, said: “I have worked closely with the legal profession for many years providing specialist insurance to the sector, and I have become increasingly aware of the need for accessible cyber cover. Take up with the sector remains incredibly low, despite the threats facing legal firms continuing to grow. Whether it is from sole perpetrators to serious organised crime groups, cyber criminals are becoming ever more sophisticated.

“The most significant lack of insurance is within smaller firms which unfortunately are at high risk of an attack, and this much needed cover will provide a cost-effective solution for these businesses. The cover has been developed for the legal profession so firms can be assured the cover is suitable for their needs – and with the back-up of an experienced cyber broker like Gallagher, they can be confident they have appropriate protection in place.”

Fiona O’Mahony, head of sales and partnerships at The Law Society, added: “Our members’ exposure to cyber-risks is a concern and this partnership with Gallagher is a significant step forward in helping them get access to cyber insurance designed to cover the specific problems facing the legal profession. Solicitors are a prime target for cyber criminals because they hold extensive personal and company data.

“There are more than 9,000 private practice firms in the England and Wales, making the legal profession a significant part of the UK economy. Cyber insurance has become an inescapable necessity for businesses operating responsibly in a world where most fraud is now carried out online. Solicitors should consider their exposure and add cyber cover to their insurance portfolio.”

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