Quality professional insurance services for Solicitors

Cyber Liability Insurance

What does it cover?

 

  • Cyber incident response costs (including IT forensics, legal, breach notification and crisis communications)
  • Cybercrime (including social engineering, theft of personal funds, cyber extortion, ransomware attacks and unauthorised use of computer resources through cryptojacking or botnetting)
  • System damage and business interruption (including full data re-creation, income loss and extra expense, additional extra expense, consequential reputational harm and hardware repair and replacement)
  • Network security and privacy liability (including management liability arising from a cyber events and regulatory fines and penalties)
  • Media liability (including defamation and intellectual property rights infringement)
  • Technology errors and omissions
  • Court attendance costs

There are good cyber “policies” that businesses can follow from a risk management perspective. As an example, here are some pointers.

 

Do you have procedures in place which mandate that;

 

  1. Personnel must never disclose to anyone their security details by any means regardless of the apparent authority of the person requesting the details.
  2. Exchange of bank details for payments to or from the firm must be made at the outset of a transaction, preferably when meeting the client.
  3. Changes to bank details must not be accepted by remote means (e.g. email or phone), a part from in exceptional circumstances and only when it has been validated that these changes have been made by your client.
  4. Payments from client account(s) must be set up by one person and independently verified/authorised by another before funds are transferred.
  5. Always double check email addresses and call the recipient of funds in order to confirm their identity – with all staff complying that payments should NOT be made until such steps have been taken.

With regards cyber incident response and insurance policies, there are many products available. They are not standardised in terms of terminology, scope of cover, limit or type of excess so even as a specialist in cyber and PI for the legal sector we can sympathise with any firm struggling to compare and analyse any offering they are presented with.

 

One of the key features we look for in a cyber insurance product is what expertise and assistance can be accessed when a cyber incident occurs by way of emergency intervention, liaison with appropriate regulators/ affected clients, reputation management, IT system restoration and forensic analysis of how it occurred. Cover for loss of income due to business interruption if available is also preferable. Understanding how all of this fits with the cover afforded and the excesses applicable under the Professional indemnity and (if purchased) the Directors & Officers insurance is an added complication so expert advice and guidance that enables the person responsible for protecting a business to make an informed decision that they can be confident of is essential.

Professional  Indemnity

Cyber Liability

Management Liability

 Other Professions

Confidential review service of existing policies

Group 30

Understanding the Market and how best to approach Insurers

Group 110

Building a cost effective insurance programme

Risk Management Advice

Claims and Crisis Management

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