Gallagher has entered into a partnership with The Law Society of England and Wales to offer members an exclusive industry-specific cyber insurance product.
The independent professional body for solicitors in England and Wales, The Law Society represents all practising solicitors and is dedicated to promoting excellence in the profession, upholding the rule of law, and providing extensive support services. Through the tie-up, The Law Society will facilitate cyber insurance access for its members.
The insurance solution is designed for practices of all sizes but primarily targets sole practitioners and firms with up to four partners, where cyber cover is notably scarce. Gallagher pointed out that legal professionals are particularly vulnerable to cyberattacks due to the extensive client data they handle.
Recent research from The Law Society highlights this vulnerability, revealing that over 70% of firms currently lack cyber cover, exposing them to significant financial, operational, and reputational risks. Alarmingly, 65% of these firms have already experienced a cyberattack.
Gallagher Specialty executive director of professional indemnity Ben Waterton (pictured) noted: “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.
Waterton said the “much-needed cover” provides a cost-effective solution, especially for small, high-risk firms. It has also been developed specifically for the legal profession, ensuring it suits the industry’s needs.
“And with the backup of an experienced cyber broker like Gallagher, they can be confident they have the right protection in place,” Waterton highlighted further.
Meanwhile Fiona O’Mahony, head of sales and partnerships at The Law Society, had this to say about the tie-up: “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 cybercriminals because they hold extensive personal and company data. There are more than 9,000 private practice firms in 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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