Blog
← Back to All

Cyber Liability Insurance Coverages and Support Must-Haves

November 29, 2018

A law firm faces daily threats of security breaches that can devastate the firm’s bottom line and its reputation. How then can a law firm be prepared for the inevitable data breach or the day a network is held for ransom?

Recent research confirms that Error and Misuse can cause a data breach. A law firm needs protection from unintended consequences resulting from mistakes.

The first step is to have the right Cyber Liability Insurance. Find a product designed specifically for law firms. Secure a policy and a reliable provider with the presence to guide a law firm through the aftermath of a security breach. A cyber insurance provider should offer the following support in the unfortunate instance of a cyber security breach.

A law firm’s Cyber Liability Insurance provider checklist:

  1. Conducts technical forensics to determine the scope and cause of the data security breach;
  2. Understands the relevant regulatory, legal, ethical and malpractice obligations associated with the breach;
  3. Determines which authorities and regulatory bodies must be notified and guide the firm through the notification process;
  4. Identifies the individuals and businesses that the firm must and may wish to notify;
  5. Selects and implements the best loss reduction solutions for the breach including credit monitoring, legal filings, insurance or fraud prevention;
  6. Manages ongoing communications with businesses and individuals that are victims of the breach, including call center services such as developing scripts and training call center staff;
  7. Coordinates with a public relations firm to implement a public relations campaign to protect your firm’s brand;
Cyber Security eBook - Download Now

What to look for in coverage features:

WARNING!

Be aware that Cyber Liability Insurance policies can include minimum security requirements in order for coverage to apply. They include antivirus software, firewalls and encryption. It may be a requirement to maintain an on-going patch management process and store all data on mobile data storage devices or media in an encrypted format including smart phones, USB devices, laptops, tablets, backup tapes and discs.

Network security alone cannot entirely protect the firm’s data. No firewall is 100% secure. Be prepared to mitigate the inevitable cyber security breach with a trusted Cyber Liability Insurance partner.

Network security alone cannot entirely protect your data. No firewall is 100% secure.  Be prepared to mitigate the inevitable cyber security breach with a trusted Cyber Liability Insurance Partner.

The information provided above is for illustrative purposes only. Always consult with an insurance agent or broker on the needed coverage features for your business. The actual policy terms and conditions will apply in the event of a claim.

Editors Note: This post was originally published in May 2016 and has been completely revamped and updated for accuracy and comprehensiveness.

Coverage and support information provided by Safe Law.

Subscribe to Our Monthly Newsletter and Receive the Below eBook for Free!
Thank you for Subscribing to the LiabilityPro Insurance Insider!

You’ll now receive instant monthly access to amazing free tips and resources like:

• Free and paid CLE opportunities
• Cutting premium costs
• Effectively managing your insurance
• Relevant industry articles
• And more!

Here's your free download to:  Cyber Security Threats and the Practice of Law: Understand Threats, Prevent Losses, and Learn Requirements
An error occurred while submitting the form. Please contact hello@liabilityproinsurance.com for direct assistance.
Also read, “6 Keys to Understand and Take Charge of Your Professional Liability Insurance.”  View Resource
Reliably Simple.
© 2019 LiabilityPro. All rights reserved.
|
Website by  One Branding  .