Cyber Insurance

Not all data breaches are malicious cyber attacks. A breach can be an employee error or even an internal system error. However, the consequences are the same and a response is required.

While LPL insurance affords some coverage for cyber liability risks, there are limitations to the coverage provided by a law firm’s LPL policy. However, to trigger coverage under the law firm’s LPL policy, there must be an alleged "wrongful act" in the conduct of legal services (usually a negligence trigger). Law firms could be liable for data or network security breaches even in the absence of a wrongful act, and the incident will not always be in connection with the provision of legal services for others (e.g., a breach of employee information).

Shifting your coverage to a dedicated Cyber Liability Insurance policy offers several distinct advantages. Additionally, a dedicated Cyber Liability Insurance Policy helps not only in response to a breach, but in prevention of one as well.

Cyber Risks For Law Firms

The reality is, in today’s business world, the question is no longer "if," the question is "when". When will your firm be the victim of a breach?

USI Affinity Cyber Solutions For Law Firms

To analyze our clients' business issues, risks and challenges, our technology team leverages USI ONE^®, a fundamentally different approach to risk management. USI ONE integrates proprietary business analytics with a network of local and national technical experts in a team-based consultative planning process to evaluate the client’s risk profile and identify targeted solutions.

As a leading specialty broker for law firms, USI Affinity’s Cyber Practice has developed PrivaSafe, a proprietary Cyber Liability solution with NAS Insurance and a Lloyds of London syndicate. Our PrivaSafe Cyber solutions product can offer law firms the comfort of knowing how to manage and mitigate exposures, and in the event of a data breach, they are protected. Below are some of the coverage highlights our PrivaSafe Cyber Solution can offer your firm:

• Full Limits on Privacy Breach Response, Voluntary Notification and Network Assets Protection. Privacy Breach Response Costs Outside the limit.
• Broad Cyber Crime coverage that includes coverage for Financial Fraud, Telecommunications Fraud, and Phishing Attack Coverage.
• BrandGuard coverage for lost revenue due to a damaged reputation from a Cyber Breach.
• Policy language that includes a broad trigger for Network Asset Protection, including system failure and negligence.
• Broad Coverage for data that is stored with a third party including, but not limited to, IT outsourcers and Independent Contractors.
• Worldwide coverage - claims can be brought outside of the U.S.
• Payment Card Industry – Data Security Standards endorsement available to qualified applicants. Provides $250,000 sub-limit for fines & penalties levied by an acquiring bank and also includes $50,000 for legal expenses.
• Network Asset Protection’s policy trigger includes accidental damage or destruction, administrative and operational mistakes as well as computer crimes and attacks.
• Property Damage exclusion does not include electronic data.
• Commercial and Corporate confidential information is covered.
• Acts committed by rogue employees are covered, as well as privacy claims from employees.
• Multimedia Coverage includes liability assumed under contract.
• Choice of Breach Response Vendors.