Tailored Cyber Liability Coverage Imperative for Law Firms
KANSAS CITY, Mo., Dec. 11, 2013 /PRNewswire/ -- A law firm's exposure to cyber risk is twofold. First, as a data collector and owner of sensitive information about its employees, firms must insure protection from cyber threats. Second, as a professional service provider to its clients, firms may possess or have access to confidential client information that could be subject to cyber attacks.
While legal professional liability (LPL) insurance may protect from some cyber risks, there are many grey areas, leaving a law firm open to a host of claims in the event of a data breach.
In her recent white paper, Understanding the Cyber Risks of Law Firms, Lockton's Emily Freeman outlines the gaps in coverage and stresses the importance for a firm to have tailored cyber coverage.
"We do not recommend that any legal professional services firm purchase an off-the-shelf cyber liability product," said Freeman. "Instead, look for specific manuscript wording designed to address the particular requirements of your firm and be sure it covers the gaps between the LPL world and the cyber world."
Lockton's Global Technology and Privacy Group works with law firms to design broad, customized risk-transfer solutions with respect to cyber risks. Visit Lockton's cyber webpage or contact your Lockton representative to learn more.
More than 4,950 professionals at Lockton provide 35,000 clients around the world with risk management, insurance, and employee benefits consulting services that improve their businesses. From its founding in 1966 in Kansas City, Missouri, Lockton has attracted entrepreneurial professionals who have driven its growth to become the largest privately held insurance broker in the world and 9th largest overall. Independent researcher Greenwich Associates has awarded Lockton its Service Excellence Award for risk management for large companies. For four consecutive years, Business Insurance has recognized Lockton as a "Best Place to Work in Insurance." To see the latest insights from Lockton's experts, check Lockton Market Update.