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Cybersecurity Information Fiduciary: What the Heck Is It?

Nov. 9, 2016

Lawyers, accountants, and doctors all fall under the term 'information fiduciary' because they collect personal information and have a responsibility to protect that information. They are liable if that information were to fall into someone’s hands that could pose a threat to the individuals they collected it from. The ABA says that Lawyers have an ethical and legal obligation “to develop, implement, and maintain an appropriate cybersecurity program.”

Professionals have cybersecurity obligations to their clients

If you need help, get help. The ethical rules dictate that professionals acknowledge that if they have technology limitations they need to obtain appropriate expertise. Whether or not you decide to take action on prevention always consider cybersecurity insurance as a fail safe.

The Department of Homeland Security's 3 online safety steps

  1. Keep a clean machine. Install updates for apps and update the security software on all of your Internet-connected devices as soon as updates are available
  2. Use long and strong passwords. Create strong passwords with eight or more characters and a combination of upper and lowercase letters, numbers, and symbols.
  3. Enable stronger authentication. Always enable stronger authentication for an extra layer of security beyond the password. This is available on most major email, social media, and financial accounts. https://www.lockdownyourlogin.com.

For more information regarding this topic please follow the links below to some great articles.

http://lawreview.law.ucdavis.edu/issues/49/4/Lecture/49-4_Balkin.pdf

https://www.dhs.gov/blog/2016/10/05/everyday-steps-towards-online-safety-stopthinkconnect%E2%84%A2

Author

Cindy Wiedman, LiabilityPro Insurance Advisors, President

Cindy Wiedman, founded Wiedman Insurance Services, LLC (LiabilityPro Insurance Advisors*) August 1, 2014. Cindy is a Registered Professional Liability Underwriter (RPLU) and has designed and administered professional liability insurance programs over a 35-year career working for various insurance administrators in the Midwest such as Shand Morahan & Company, Kirke Van Orsdel, Marsh and Lockton Affinity.

*Currently working with investment advisory businesses domiciled in Iowa, Minnesota, Kansas, Illinois and Nebraska.

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