Law firms maintain electronic data files containing a varying degree of sensitive information – from client medical records to trade secrets and everything in between. An accidental data breach, whether it’s by theft of mobile phones, laptops, unauthorized third party access to your servers, or simply misplacing a USB flash drive, can be very costly.
With cyber crime on the rise and the risk of an accidental security breach ever so present, we recommend that our client’s consider a separate cyber liability policy which provides coverage when a data breach or network security failure has occurred. A cyber liability policy includes the following coverage:
Cyber Liability – provides defence costs and damages when a firm is liable for the accidental breach of sensitive data.
First party coverage to address the firm’s exposure for notification costs, credit monitoring and crisis management expenses following a breach of sensitive information.
Business Interruption – responds to an interruption in your business in the event your computer systems are targeted in a cyber attack.
Extortion – responds to losses due to a threat of extortion and costs related to dealing with the extortion.
Computer Crime – reimburses you for losses resulting from a third party committing an unauthorized electronic funds transfer, theft of money or other financial assets from your bank account or corporate credit cards by electronic means.