In November 2023, a cyber attack on IT provider CTS caused downstream chaos for dozens of law firms that depended on the technology.
A single event led to a ripple effect, damaging company reputations and delaying sales.
Maintaining trust and ensuring client data privacy are significant concerns for the professional services sector. And legal firms, in particular, have a duty to protect client privilege and confidentiality.
Cybersecurity must be a priority for these and other organisations that provide professional services and manage client data, yet many professional services firms – particularly SMEs – still do not have the budget or resources for a fully developed security posture.
And many don’t consider the security of the service providers they rely on for their day-to-day operations. Moreover, many of these organisations don’t have cyber insurance, making the aftermath of a cyber incident potentially messy and costly.
This case raises important considerations for the professional services sector and the insurance brokers who help it manage cyber risk.
Understanding third party risk
Professional services firms handle a huge amount of client data through…
