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Insurance News from Konsileo

We have heard about the M&S cyber-attack and even the Legal Aid Agency have suffered a ‘security incident!’ Supply chain attacks can have devastating consequences, particularly for law firms who handle sensitive client information. 

Another notable example is the cyber-attack on CTS, an IT Provider for law firms in the UK, which resulted in total loss of IT to over 80 law firms and potentially affected up to 200. Real Estate transactions were halted, deals couldn’t complete. The fall-out was substantial with it taking nearly a month to restore services. This incident highlights the importance of having robust cyber security measures in place and the role of cyber insurance in mitigating financial losses. 

Fraudsters are bypassing MFA, Microsoft 365 is not configured correctly, cloud suppliers being targeted so fraudsters can re-configure customers firewalls! These are just a few of the things I am seeing within insurance claims.

To address these challenges, partnering with experts who specialise in supply chain risk mitigation can be highly beneficial. These partners can deliver tailored programmes that focus on identifying and addressing vulnerabilities within your supply chain, ensuring that your firm is better protected against potential cyber threats.

Cyber Insurance is there as a last resort. Working with Tom Sykes of Stiperstone IT, we are teaming up, to provide proactive risk mitigation services alongside our insurance proposition. They will work alongside your current IT provider to add in that additional layer of security.

Contact me for further details and see how we can help your firm be protected. ■

By Chris Cotterill

Cert CII Client Director