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Cyber-criminals alarm insurers as law firms lose £85m

Indemnity insurers will want to see law firms’ plans for stopping cyber-criminals when they come to set premiums this year, a market expert has predicted...


QBE, which insures more than one in 10 law firms in England and Wales, said its latest data shows that around £85m has been stolen across the legal market in the past 18 months.

The firm estimates 150 successful raids have been made on client accounts during that time, with at least 1,500 failed attempts. Only a small proportion of the stolen money, if any, is recovered.

Elina Lusted, a claims manager for QBE, said underwriters are now likely to ask searching questions about what exactly firms are doing to thwart the criminals.

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Centre for Assessment can help protect law firms with ISO 27001. The standard sets out a number of security based requirements and controls that organisations must consider as part of their day to day operations.

Other benefits of being certified to ISO 27001 include:

  • Reduces information security risks
  • Aids legal compliance - data protection
  • Integration with other ISO Standards like ISO 9001

For more information on ISO 27001, please see here

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