ABA offers lawyers guide to evaluate, obtain cyber liability insurance coverage
The “Panama Papers” leak resulting from a hacking of a law firm is only the latest in an ever-increasing litany of cyberattacks against law firms, resulting in both significant monetary losses and public relations disasters.
To assist lawyers and law firms in obtaining protection against liability for cyber-breaches, the American Bar Association has released a must-read guide to evaluating network security/cyber-liability insurance. “Protecting Against Cyber Threats: A Lawyer’s Guide to Choosing a Cyber-Liability Insurance Policy” provides an explanation of the terminology and practices common in this specialized area of coverage.
The 32-page manual, published by the ABA Standing Committee on Lawyers’ Professional Liability, is an essential tool for making an informed decision about this specialized insurance. Jeffrey Lolley, chief information security officer at Hogan Lovells US LLP in Washington, describes the publication as a “must read for those firms that want a solid understanding of what to look for in terms of coverage terms, price, limits and deductibles.”
The guide also includes a listing of carriers offering this specialized insurance, and is written by Eileen R. Garczynski, a member of the sponsoring ABA standing committee. Garczynski has more than 25 years of risk management and insurance experience. She is senior vice president and equity partner of Ames & Gough, where she co-leads the law firm initiative, focusing on the risk management and insurance needs of law firms. Drawing on her subject-matter expertise, “Protecting Against Cyber Threats” offers critical information regardless of the practice area, types of clients or size of the law firm.
