Cyber Liability Protection
Cyber Liability protection is a coverage that is becoming more and more important, but very few people understand what the coverage actually is and how it can protect your law firm. With that in mind, we have put together a quick summary of the standard coverages included in this type of policy.
What Does It Cover?
A standard cyber liability insurance policy provides the following coverages:
- Coverage for damages to third parties caused by a breach in your network’s security.
- Coverage for loss resulting from administrative or operational mistakes can include an employee’s acts, business process outsourcing (BPO), or outsourced IT provider.
- Breach of Privacy coverage includes damages resulting from alleged violations of HIPAA, state, and federal privacy protection laws and regulations.
- Coverage for expenses resulting from a breach of consumer protection laws such as the Fair Credit Reporting Act (FCRA).
- Customer Notification Expenses coverage (usually included as a sub-limit) – reimburses for costs to notify the customer of a breach and provide 12 months of credit monitoring.
- Coverage for acts of a rogue employee causing intentional damage to your firm’s computer network.
- Public Relations Expenses coverage is available to repair your firm’s reputation due to a data breach.
- Cyber Extortion reimbursement costs for a range of perils, including a credible threat to introduce malicious code, pharm and phish customer systems, or to corrupt, damage, or destroy your firm’s computer system.
- Electronic Media peril is broadly defined as an infringement of domain name, copyright, trade name, slogan, or service mark on the internet or intranet site.
- Interruption expenses include additional costs associated with rented/leased equipment, use of third-party services, additional staff expenses, or labor costs directly resulting from a covered Loss of Digital Assets claim.
If you would like to receive a cyber liability insurance quote for your law firm, please give our office a call and we can help provide you with multiple insurance quotes to fit your firm’s needs.