A ransomware attack occurs every 40 seconds in the United States. The leading causes of data breaches in 2016 were email hacking scams, employer error, and accidental exposure.*
When these events occur, law firms may face certain costs and expenses related to addressing the cyber event itself, such as data recovery costs, notice requirements, credit monitoring costs, etc.
The Bar Plan is adding Cyber Liability Coverage to all full-time policies with an effective date on or after January 1, 2018. Limits of liability are $50,000 per claim, with aggregate limits of $50,000 for firms up to 10 attorneys, or $150,000 for firms with more than 10 attorneys. This coverage is provided at no additional premium for full-time policies.
Our Cyber Liability Coverage Includes:
- Privacy Regulatory Defense & Penalties – Coverage for regulatory fines and penalties and regulatory compensatory awards incurred in privacy regulatory proceedings/investigations brought by federal, state, or local governmental agencies.
- Privacy Breach Response Costs, Notification Expenses, and Breach Support and Credit Monitoring Expenses – Coverage for mitigation costs and expenses incurred because of a privacy breach, security breach or adverse media report.
- Network Asset Protection – Coverage for income loss, interruption expenses, and data recovery costs incurred due to a variety of causes, from accidental damage of electronic media to cyber attacks.
- Cyber Extortion – Coverage for extortion expenses incurred and extortion monies paid as a direct result of a credible cyber extortion threat, including ransomware.
- Cyber Terrorism – Coverage for loss of business income and interruption expenses incurred as a direct result of a total or partial interruption of an Insured’s computer system due to an act of cyber terrorism.
- BrandGuard® – Coverage for net profit loss incurred as a direct result of an adverse media report or breach notification following a security breach or privacy breach.
Contact The Bar Plan at 1-800-843-2277 and ask to speak to one of our Agents, or email us at email@example.com with any questions regarding your coverage.