Ransomware attacks are ever-growing threats, and law firms need to be prepared. Becoming locked out of your network or applications creates a massive roadblock, costing your firm time, money, and even its reputation. Not only are ransomware attacks becoming more sophisticated, but they are increasingly directed at law firms due to the sensitive nature and high value of their data. If your firm is hit with a ransomware attack, should you pay the ransom?

Law firms are a prime target of cybersecurity attacks because they deal with confidential data, and many do not have the proper security protocols in place. An October 2020 report from the American Bar Association shows that the number of firms who experienced a security breach (such as a lost/stolen computer or smartphone, hacker, break-in, or website exploit) increased over the prior year: 29% of respondents compared to 26% in 2019. One of the most costly forms of a cybersecurity attack in terms of time and resources is ransomware. Let us explore what ransomware is and how to protect your firm.

Cloud is increasingly becoming popular as more companies have noticed the benefits it offers, such as reliability and security. Cloud provides companies flexibility and, when implemented correctly, cloud can increase the efficiency of your business. However, while there are many benefits of the cloud, it also comes with a few risks.

Cyberattacks are not a new phenomenon.  They have become an increasingly large problem for all organizations, and now, businesses are turning to cyber insurance as a means of protection against the aftermath of a cyberattack.

Managed Service Providers (MSP) deliver customers with IT security services and are now finding themselves at the center of attention as cybercriminals are increasingly focusing their attacks on this vital industry.  Though this is a security challenge for MSPs, it also presents an opportunity for them to prioritize internal security protocols to better protect themselves and their clients.  

Ransomware is not a new phenomenon but for cybercriminals it has become a popular technique to use.  In a ransomware attack, cybercriminals block access to a business or individual’s computer system and hold data hostage until a ransom is paid.  Here, cybercriminals have just one goal - to receive payment from the victim.  Even if the victim is able to pay the ransom, there is no guarantee the criminal will provide the decryption key to release the data.

Recently, ransomware attacks have become significant threats to corporations, cities, and even nations.  In the third quarter of 2019, the average ransomware payout increased to $41,000, a 13% increase from the second quarter.  Also in 2019, 55% of SMBs paid cybercriminals to recover their stolen data.  If nothing else, 2019 proved that ransomware is still a profitable business for cybercriminals and it will continue to get worse.