Internet Liability Coverage Offers Protection from Hackers
Law firms, regardless of size or location, all have something in common: the need for internet liability insurance for a myriad of potential situations. For example, consider that every morning, the moment an attorney touches her desktop, laptop, tablet, or smart phone to review a brief, write up some notes on a case, or otherwise document some proprietary or confidential content on a client’s case, she is ripe for an attack from hackers who are intent on stealing the electronic information. This potential data breach-in other words, an event when someone’s personally identifiable information is compromised – could be extremely costly to the firm, from both a reputational standpoint as well as literally, in terms of the potentially huge financial damages from a lawsuit that it could face from an angry client whose most privileged, private data has been compromised while under the control of the lawyers.
Coverage can keep the company open for business
Fortunately, firms can purchase coverage that is specifically designed for the wide range of cyber, privacy, and media exposures they face as they conduct business using the electronic trading environment that is a part of the daily routine for most every company these days. The best providers offer policies that don’t have a retroactive date (meaning there is no restriction on the date when the liability-causing event occurred), as well as offer system business interruption coverage for lost revenue during downtime and even future revenue losses resulting from the harm to one’s reputation.
Smart about law, but easy prey
What is interesting to note that these otherwise savvy professionals may be considered “easy pickings” by nefarious groups who believe that legal eagles’ expertise often does not extend to computer technology, or at least not to the latest in safeguarding information. This idea is borne out by major incidents such as when a group of hackers based in China successfully infiltrated the data banks of seven law firms in Canada a few years ago, attempting to find confidential information about a multibillion-dollar takeover bid. Although ultimately it was found that the would-be thieves were not able to steal what they came looking for, the fact that they were able to penetrate the virtual walls of so many venerable firms was a major shock that underscored the need for coverage for these kinds of events.
Stay alert and get protection
Firms pull out all the stops to protect the interest of their clients, performing untold hours of due diligence in preparing for cases to get the best possible outcome. It is important to realize that data breaches and cybersecurity risks are now an inevitable challenge in conducting business, so obtaining internet liability insurance is essential for the firm’s own protection. Furthermore, such coverage could be looked at as a selling point; clients are going to be much more comfortable selecting legal representation when they know that the company invests actively in safeguarding the security and electronic confidentiality of their information. Contact a professional insurance agent today to learn more about this valuable coverage and all of the features and benefits it offers.