SRC Partner Leland Chait moderates the May 1, 2019 panel discussion at the Annual Conference of the TIPS of the American Bar Association.
SRC's Partner Leland Chait moderated a discussion, "Cyber Coverages for Law Firms and Their Clients Alike," of current significant topics affecting law firms and the clients they serve. The discussion among a panel of experts in cyber insurance claims handling, underwriting, program formation and broking explored generally trends in cyber risks and events, and specifically the types of cyber events law firms and their clients face; the impact of these events on law firms now, and what is foreseen in the near future; liability considerations and business risks peculiar to law firms; and the coverages standalone cyber insurance policies provide, and how they fit with firms’ existing professional liability coverages. The panel discussed that cyber events are becoming more frequent and costly, and increasingly involve intentional criminality. Claims are reflecting this shift from accidental data disclosures to coordinated, increasingly sophisticated attacks aimed increasingly at controlling data – for ransom or for criminal uses like trading. Law firms are attractive targets for cyber attacks since they have sensitive data not only of their own, but of their clients. In addition, law firms, like many businesses, tend to be underinsured and, indeed, benefit from help from knowledgeable brokers and legal counsel as to how to evaluate what kinds and amounts of cyber coverages they need, and how to coordinate these coverages with existing insurance. See the link below for more information presented and discussed by this panel.
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