Industry Insight
Remote and hybrid working has tripled the cyber attack surface for professional services firms since 2020.
Why Professional Businesses Need Cyber Insurance
Professional service firms handle sensitive client projects, commercial strategies and intellectual property. A breach can expose trade secrets, trigger contractual liability and damage hard-won client relationships. Remote working has significantly expanded the attack surface.
Top Cyber Risks for Professional Businesses
- !Client data and IP theft
- !Remote access compromise
- !Email account takeover
- !Cloud storage breach
- !Invoice fraud
Recommended Coverage for Professional Businesses
Typical Premium Range
Premiums vary based on revenue, data held, security controls in place, and coverage limits selected. Our brokers will find the best rate for your specific profile from multiple insurers.
Cyber Risk in Professional Services
Professional service firms — consultants, management advisors, architects, engineers, recruiters and specialists of every discipline — share a common cyber risk profile: they hold valuable client intellectual property, commercially sensitive strategic information, and significant personal data about clients and candidates. The shift to hybrid and remote working has dramatically expanded the attack surface, with staff accessing client systems and sensitive files from home networks and personal devices.
The contractual liability exposure for professional service firms is significant. Most client contracts include data protection obligations, and a breach can trigger direct contractual liability claims independent of any formal legal proceedings — accelerating the financial impact of an incident.
The Remote Working Attack Surface
The widespread adoption of remote working since 2020 has fundamentally changed the cyber risk landscape for professional service firms. Staff working from home use home WiFi networks with varying security standards, personal devices that may also be used by family members, and virtual private network (VPN) connections that themselves can become attack vectors. The number of endpoints that need to be secured has multiplied, while the ability to monitor and control those endpoints has not kept pace.
Cloud Storage and Collaboration Tool Risks
Professional service firms rely heavily on cloud platforms for file sharing and collaboration — OneDrive, SharePoint, Google Workspace, Dropbox and similar services store terabytes of sensitive client materials. Misconfigurations that make these storage locations publicly accessible are one of the most common sources of data exposure. Credential theft attacks targeting Microsoft 365 and Google accounts give attackers immediate access to all files stored on these platforms.
Client Intellectual Property Theft
The intellectual property held by professional service firms — strategic plans, proprietary methodologies, market research, technical designs and competitive intelligence — has significant commercial value. This information may be sought by competitors, state-sponsored actors, or criminals who sell it to the highest bidder. IP theft causes harm that extends far beyond the immediate cost of the breach: client relationships can be irreparably damaged when clients learn their sensitive strategies or intellectual property has been exposed.
Third-Party Liability: When Your Breach Affects Clients
Many professional service firms have access to client systems — CRM platforms, financial systems, document management tools — as part of their engagement. If a criminal uses compromised credentials from your firm to access a client's systems, your business may be liable for the resulting damage under your contractual obligations. Third-party cyber liability cover responds to these client claims, providing legal defence and settlement funding.
Cyber Insurance for Professional Service Firms
A comprehensive cyber policy for professional service firms covers: client data breach response, Privacy Act notification, remote access and cloud platform breach response, business email compromise and invoice fraud, third-party liability for client system breaches, business interruption, and regulatory investigation defence. Given the contractual liability exposure common in professional services, ensure your cyber policy is reviewed alongside your professional indemnity policy to avoid coverage gaps.
Written by the CyberCover Advisory Team
Licensed NZ insurance advisors specialising in cyber risk for New Zealand businesses. All content reviewed for accuracy and NZ regulatory compliance.
Last updated: May 2026 · Get personalised advice →
Frequently Asked Questions
Do I need cyber insurance if I already have professional indemnity?
Yes. Professional indemnity covers claims for professional negligence, but it does not cover cyber-specific costs: forensic investigation, breach notification, system restoration, or business interruption. Cyber insurance fills the gap PI doesn't cover — and the two policies work together in cyber-related PI claims.
What if a breach happens through our access to a client's systems?
Third-party cyber liability cover responds to client claims arising from a breach of their systems through your access credentials or systems. This is distinct from PI cover and specifically addresses the cyber liability arising from your role as a system user.
Does remote working affect my cyber insurance premium?
Yes. Remote work is a risk factor that insurers assess when quoting. Businesses with documented remote working security policies, MFA on all remote access, and device management controls may qualify for lower premiums than those without these controls.
Is my client data protected if I store it in OneDrive or Google Drive?
Cloud platforms themselves have strong security, but your account credentials are the weak point. Compromised Microsoft 365 or Google credentials give attackers full access to your stored files. MFA on these accounts is the single most effective protection. Cyber insurance covers the breach response if credentials are stolen despite these controls.