6 Things Lawyers Need to Know About Cyber Insurance

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By Casey C. Sullivan, Esq. on March 24, 2017 1:02 PM

Some law firms, we recently learned, have been keeping a small stash of Bitcoin on hand. Why? Because Bitcoin, the digital cryptocurrency, is the preferred mode of exchange for most hackers. Should the firm succumb to a ransomware attack, a quick Bitcoin payoff can allow business to resume without too much difficulty.

But there's another way to prepare for potential cyber attacks -- and it doesn't involve stuffing Bitcoin under the mattress. Cyber insurance can help lawyers and law firms insulate themselves from risks associated with hacking, ransomware, data breaches, and the like. Here are some helpful resources for understanding cyber insurance, taken from the FindLaw archives.

1. Does Your Firm Need Cyber Insurance?

Probably. The legal industry is no stranger to cyberattacks. Faced with security breaches, possible privacy violations, hacking, and more, many firms are seeking to protect themselves through relatively novel insurance policies.

2. Cyber Insurance Is Exploding: How to Stay on Top of the Trends

The cyber insurance industry is growing rapidly. But that rapid growth also means significant change, to the policies involved, to the legal questions they raise, to the small but growing amount of caselaw governing cyber policies. Here's how you can stay on top of the trends.

3. Russian Hacker Targets Top Am Law 100 Law Firms

Law firms are tempting targets for hackers, as this story shows. Lawyers have access to sensitive information and often weak security. Here, hackers focused on M&A lawyers, apparently looking for insider information they could use to make some lucrative trades.

4. Will Insurance Cover a Ransomware Attack?

Ransomware attacks involve malware that encrypts your computer's data, holding it hostage unless you can crack the software or agree to pay up. It's a growing form of digital extortion, and it's hit major companies and small firms alike. Even transit systems have faced ransomware attacks. So, if you're a victim of this digital mugging, will your insurance be there to help you out?

5. Cyber Insurers Jack Up Rates in Response to Increased Hacks

As the risk of hacking grows, many cyber insurers are starting to raise premiums and limit coverage. But, if that's not necessarily great news for policy holders, it does have a silver lining for lawyers, as increasing insurance disputes keep attorneys busy.

6. Does Your Firm Need Mandatory I.T. Security Training?

Having car insurance doesn't give you license to drive recklessly. Similarly, having cyber insurance doesn't mean you can neglect your I.T. security. After all, when it comes to cyber attacks, the greatest threat to your security may be yourself.

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