Around one-third of US law firms have cyber liability insurance, up from only 17 percent just five years ago, according to the ABA.
And that percentage will likely grow in the coming months as lawyers struggle with remote work, health and safety concerns, and economic uncertainty – all of which increase the risk of a cyber incident.
Law firms are prime targets for cyber criminals. They know lawyers are entrusted with privileged communications, confidential records, intellectual property, and critical business insights. A cyber incident can result in business interruption, lost clients, reputational damage, regulatory penalties, and lawsuits.
Unfortunately, many firms lack the technical controls to protect and secure their data.
Alta Pro offers two industry-leading, competitively-priced cyber liability products: “SafeLaw” and “CyberProtect.” SafeLaw is for any size law firm, insured with any carrier, and offers the most 1st and 3rd party coverage. CyberProtect is an exclusive cyber liability program available only to Wesco insureds for solo firms up to five member firms.
Click here to learn more or apply for coverage.
Stay a step ahead of the cyber criminals by attending our FREE, one-hour CLE webinar “Chapter 4: Cyber Security Best Practices for your Law Firm in 2021” on March 23. The presenters are digital forensics specialist Nathan Little, of Tetra Defense, who will demonstrate simple, commonsense ways to stay safe, and attorney James Davidson – a nationally-recognized expert on cyber liability who defends lawyers and firms in malpractice cases. Register here.
10 Reasons to Purchase SafeLaw
- SafeLaw is a comprehensive cyber risk insurance solution designed exclusively for law firms.
- Coverage is available for firms of up to 150 lawyers, with limits up to $15 million (higher limits available via referral or excess capacity).
- Applying for SafeLaw coverage is quick and easy, with a short, five-question application. Automated underwriting provides a quote in minutes, with same-day policy issuance,
- SafeLaw comes with expert pre-breach risk management tools and services to help mitigate the risk of an incident before it occurs.
- The policy includes coverage for cyber crimes including ransomware, extortion, fraudulent funds transfers, computer fraud, wire transfer losses, telephone toll fraud, social engineering, and reverse social engineering.
- Alta Pro works with specialized underwriters and have the expertise to help you make a complicated product line simple to understand.
- The definition of “insured” includes staff, independent paralegals, contract attorneys, outsourced providers, subsidiaries, contractors, and additional entities required by contract.
- Coverage is provided for a firm’s contractual requirements, ethical obligations, and client responsibilities. Coverage is also provided for actions required to comply with cyber privacy laws.
- In the event of an actual or suspected cyber incident, SafeLaw has a nationwide network of technical and legal experts available 24/7. The SafeLaw “Data Breach Hotline” is 855-247-4710. There are additional pre- and post-breach resources on the Breach Navigator.
- Some highlights of the coverage: Privacy security liability (online and offline), regulatory proceeding defense and penalties, attorney service, forensic costs, public relations and crisi management costs, website media content liability, credit and identity monitoring services, coverage for electronic and paper data and third-party corporate information.
BONUS: Worldwide coverage.
Click here to learn more or apply for coverage.
If you practice in Wisconsin, Texas, Minnesota, Ohio, Illinois, Indiana or Michigan, you can stay on top of ethics and risk management news by being a member of Alta Pro Lawyers RPG. You’ll get access to free webinars, the Pro Practice Playbook, Reminger ProLink, Ask the Risk Pro and more. Here’s how to join.
