Insurance broking and risk management services provider Gallagher has teamed up with the Law Society of England and Wales to offer a cyber insurance solution.
Under the alliance, Gallagher will provide the association’s members with cyber cover crafted for the legal sector.
Gallagher’s new product is accessible to businesses of varying sizes, with its primary focus on serving sole practitioners and companies comprising up to four partners.
Research by the Law Society highlights that more than 70% of companies currently do not have insurance coverage, thereby exposing themselves to substantial financial, operational and reputational risks.
This statistic is alarming, especially considering that nearly the same percentage (65%) of companies acknowledge having experienced a cyberattack.
According to Gallagher Specialty executive director Ben Waterton, the greatest gap in insurance coverage is found among smaller companies, which face a heightened risk of cyberattacks.
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By GlobalDataThe Law Society is an autonomous regulatory organisation for solicitors in England and Wales.
It advocates for all active solicitors and acts as the gateway for legal professionals to obtain crucial cyber insurance coverage.
Waterton added: “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, cybercriminals are becoming ever more sophisticated.”
The Law Society head of sales and partnerships Fiona O’Mahony said: “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.”
Last month, Gallagher Specialty launched a new service for carbon insurance solutions aimed at helping clients mitigate risks associated with their decarbonisation initiatives.
