The nature of cyber attacks continues to evolve, often in ways that put your business at even greater risks of damage. Ransomware attacks are nothing new in cybersecurity, but now one group of hackers known as Maze is publicizing the names and document contents of ransomware victims. Learn how the Maze cyber attack is impacting law firms and other sensitive industries and how you can act to protect your business.
Recent Attack Targets Five Law Firms in 3 States
In January of 2020, three small South Dakota law firms were attacked by the hacker group Maze, according to Law.com, all within one 24-hour period. The firms’ sizes ranged from as small as 13 lawyers to 27 lawyers. This cyber attack comes on the heels of two other attacks in late 2019, when a 10-lawyer Houston-based firm and a two-partner Oregon-based firm were attacked in the same way. The five attacks are worrying cybersecurity experts for several reasons.
In the past, hackers often relied on ransomware attacks, where a business’s sensitive data is encrypted on its existing computer systems, making it inaccessible to the owners of the data. Ransomware hackers demand a large ransom paid in cryptocurrency to decrypt the data. Many experts advise against paying, because there are no guarantees the data will be decrypted or returned.
In the latest attacks from Maze, hackers have exfiltrated the data, locking down the law firm’s copy of records and also taking a copy of the data offsite. Ransoms in the range of $1–2 million are demanded for Maze to decrypt the firm’s computer systems and destroy the copy of the data. On a public website, Maze has publicized the names of the hacked businesses and revealed samples of their sensitive stolen information. The group has threatened to sell the stolen data if a ransom is not paid.
While small law firms have been the primary target of Maze so far, other victims have included an accounting firm, a medical testing lab and several medical practices. According to Law.com, the stolen data was fully published in those cases.
Higher Risk Without Cyber Liability Protection
While no type of cyber attack is good, the nature of the Maze law firm attacks are particularly devastating.
- Computer data systems have been rendered inaccessible, which may cause a business interruption affecting time-sensitive case matters.
- Data breaches have occurred, putting client information, privileged case details, financial records and more at risk.
- Hackers have publicized the attack, harming the reputation of victims and damaging business relationships with industry partners, vendors and past, present and future clients.
Without adequate cyber liability protection, businesses may encounter serious consequences. Cyber attack victims may face:
- Loss of income
- Litigation expenses
- Regulatory fines and penalties
- Privacy breach notification expenses
- Diminished reputations
The impact to a small business can be significant, with the average cyber attack now costing businesses over $1 million.
Better Risk Protection with CyberLock Defense
Cybersecurity incidents across the world are on the rise. Even with strong security in place, many businesses will continue to experience cyber attacks. To protect your business from the devastating impact of an attack, it is important to have the right cyber liability insurance.
With industry-leading coverage from CyberLock Defense, you can protect your business from the increasing threat of cyber attacks. With CyberLock Defense, you receive:
- Broad coverage protection
- Coverage for regulatory proceedings
- Protection for voluntary notification costs
- Business interruption expense protection
- IT forensics and legal expenses coverage
- Data restoration expenses protection
- Public relations expenses coverage
- No policy sublimits
- Access to full policy limits
- Flexible limits and additional coverage
Lockton Affinity developed CyberLock Defense to be more comprehensive, more affordable and more accessible than any other cyber liability policy available. Considering the risk posed by new hackers like Maze, the type of cyber liability protection you choose for your business matters more than ever.
Discover more benefits of cyber liability insurance for your business today at CyberLockDefense.com or (844) 868-7144.