A new year brings many challenges and opportunities for your law firm. Has your firm considered a policy to protect your firm from cyber and digital risks?

The practice of law and its risks have changed drastically over recent years. Modern technology, cloud-based services, and digital transformation has helped businesses of all sizes move faster and make a bigger impact. Unfortunately, the same acceleration is true for the risk’s businesses face.

Digital risks and cyber are accelerating. They are always evolving. They strike faster and with more severity. They even amplify other risks. However, 64% of small businesses are not familiar with cyber insurance and only 17% currently have a policy.

A cyber insurance policy is an important tool to help you minimize and manage the risk to your firm. The peace of mind of a cyber policy to cover these digital risks could be important to you. In addition, in the event of a breach, the expertise of a cyber claim team can be invaluable to your firm.

In broad terms, a cyber policy provides the following coverage to you and those you deal with.

First Party Coverage for Your Firm                                        

•            Out-of-pocket expenses and organization incur to recover from a loss, such as:

  • Breach Response
  • Business Interruption
  • Cyber Extortion
  • Fraudulent Transfer of Funds

Third Party Coverage to Cover Everyone Outside of Your Law Firm

•            Any resulting liability or third-party action as a result of a cyber incident, such as:

  • Network & Information Security Liability
  • Regulatory Defense & Penalties
  • Technology and Media Liability

Although cyber policies are structurally similar to traditional professional lines of insurance, the uniqueness of the cyber policy lies in the immediate expert attention dedicated to the insured towards identifying, preventing, and mitigating a cyber incident.

Like all businesses, your law firm is at risk of a cyber claim. If you are interested in a cyber policy to protect your firm, please contact your agent at Kaestner & Berry.

   Gerry Kaestner           Mark Berry            Nolan Berry         Melissa Schreder