July 7, 2021
Insuring Law Firms for cyber liability can be tricky. A majority of agencies that deal in Lawyers Professional Liability are aware of the importance of firm management systems that track court filing dates and conflicts of interest, particularly for litigation firms. While insurance underwriting is interested in how internal staff and technology interact, what is often more important is how external humans (both authorized and bad actors) interact with firm management systems. The processes and policies for sharing sensitive data, or even allowing trusted parties to access a subset of client data, can be tricky and often spell trouble.
Today, hackers are targeting Law firms for everything from client personally identifiable information to sensitive corporate intelligence and relevant data. With sizable hacks in 2018 that left firms like DLA Piper and Mossack Fonseca reeling, there is a serious appetite for more, and preparedness is key to stay out of the crosshairs.
Agencies have some real responsibility here and should anticipate these needs with their Legal clients. Consultative, forward-thinking agents should ask themselves some tough questions. Imagine what would happen if a bad actor gained access to your client’s management systems. This could easily impact more than a single missed deadline, but span several events than can be held ransom or left compromised.
The impact could be mitigated with our help. Some areas include;
1.) Assistance in negotiating coverage terms that will “dovetail” with your client’s existing coverage
2.) We can help you and your client(s) implement foundational IT Security strategies. This can include secure access, backup, encryption, and business continuity planning scenarios.
Please feel free to reach out to discuss any of these coverage and risk management strategies.
