A Guide to Cyber Insurance: Fulfilling Your Ethical Responsibility to Protect Confidential Client Data, 1020 RIBJ, RIBJ, 69 RI Bar J., No. 2, Pg. 23

PositionVol. 69 2 Pg. 23

A Guide to Cyber Insurance: Fulfilling Your Ethical Responsibility to Protect Confidential Client Data

Vol. 69 No. 2 Pg. 23

Rhode Island Bar Journal

October, 2020

September, 2020

The Insurance Programs Committee requested that Aon provide a program for Rhode Island Bar members to address their cyber insurance needs. Cyber threats continue to be a growing concern, particularly in light of all of the remote working conditions that practitioners are encountering and the ever-present duties owed by attorneys to their clients to maintain confidentiality and required compliance with RI statutes concerning identity theft, not to mention their own financial risks.

Cyber insurance is not something you want to shop for by price. This is a classic case of “you get what you pay for.” Yo u don’t want a policy that is short on coverage and long on exclusions after something like a ransomware attack. Shop for the most comprehensive protection. This is a very important aspect of insurance coverage that differs from the typical coverages included in professional liability policies.

With so much variation existing among the cyber policies on the market, finding the appropriate coverage can appear daunting. In this article, the primary coverages that exist today are explained so you can make an informed decision. Coverages marked with an ‘•’ are new to the industry.

• Cyber Threat Monitoring

This new cyber coverage has only recently become available to law firms. Policies with this feature act like personal identity theft protection by providing constant threat monitoring that detects cyber intrusions. If your login credentials or data show up on the dark web, you’ll know instantly via an alert on your mobile phone.

The platform covers your entire office system, providing continuous scanning for vulnerabilities, out-of-date software, and protection against 99% of known ransomware. If your cyber insurance includes Cyber Threat Monitoring it’s a clear sign that you’ve got the most cutting-edge coverage available today.

• Don’t believe your firm’s data may be floating around the dark web? Read Aon’s The Dark Web SecreTS of LaW firmS.

Cyber Liability

Should a data breach result in a lawsuit against your firm by clients, vendors, or other affected third parties, cyber liability pays any resulting court settlements and judgments along with the associated legal expenses.

This is a standard coverage found on all cyber policies. The most important detail here is...

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