February 14, 2007
Cyber Insurance For Law Firms
Ed Poll wrote an informative article on the subject of cyber insurance appearing in the January 2007 Law Technology News.
He explains that if you are interested in cyber insurance, you should first review your current coverage. You are probably spending too much on traditional insurance plans, such as property, and errors and omissions. Those policies do not cover cyber damages, and most of your value resides in unprotected data.
Where do you go for specialized cyber insurance? Ed points out that American International Group, Chubb, and Lloyd’s of London have offered coverage since the late 1990s. The biggest risk involves unauthorized access to confidential information. Insurance coverage should address both direct financial loss as well as liabilities arriving due to damage to clients and other parties. Ed Poll is the principal of LawBiz Management Co. and Edward Poll & Associates Inc. He is the author of LawBiz.Blog and his email address is edpoll@lawbiz.com
Laptop theft and the resulting exposure of confidential information is an increasing risk to law firms. A separate article in Law Technology News by Julie Machal-Fulks and Robert Scott (starting on page 46) dealt with security risks associated with portable devices and is well worth a read. Having recently attended LegalTech and observing some risky behavior involving attendee laptops, it is worth passing on to you as a reminder. “When using your laptop at conferences, keep your eyes on it.” Laptop theft on Wikipedia is a valuable source of information for protecting the information on your laptop.
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Filed under Risk managment by Tom Collins