On February 28th, the American Bar Association announced that it has expanded its insurance offerings to include cyberinsurance.
The insurance is underwritten by Chubb Limited, long a leader in cyberinsurance coverage, and includes cyber coverage for a firm's own expenses, such as network extortion, income loss and forensics, associated with a cyber-incident as well as for liability protection and defense costs. The coverage can be tailored to meet a law firm's individual needs and also includes Chubb's loss mitigation services both before an incident and following an incident.
"Cyber insurance coverage is a valuable and practical member benefit for lawyers offered through the ABA Insurance portfolio," ABA President Linda A. Klein said. I certainly concur. When we are on the road, we hear horrible stories of law firm breaches and other cyber incidents in which the law firms found out that they were not covered – many of them surprised to learn that they were not covered.
In today's nefarious world, every law firm needs cyberinsurance. Have your insurance agent shop around because the pricing is all over the map – as is what precisely is covered. References from colleague can be very useful.
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Digital Forensics/Information Security/Information Technology