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Most law firms typically do not comprehend the scope of the cyber exposures they face and possess a very limited understanding of the insurance protections available.Insurance professional Ralph Pasquariello offers a cautionary tale about one law firm that recently paid the price for cheapening out on its cyber liability insurance.
“I got called in to insure a firm here in Atlanta,” he recalls. “When I met with them over the last couple of years, they resisted my help and assessment of their coverages. Then, six months ago, they were involved with a business e-mail compromise that cost them $127,000.
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Many policies cover cyber terrorism, but might not cover cyber events that arise out of war.
With so many working remotely, cybersafety becomes a paramount concern for businesses and their employees.
This is how insurers can best manage cyber liability and help insureds comply with cybersecurity laws.
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