Understanding the Need for Attorney Cyber Liability Insurance

Understanding the Need for Attorney Cyber Liability Insurance

If your law firm is like most, you probably store a significant amount of information in digital format. While there is nothing wrong with this, it does come with unique liability risks. For example, what if someone stole all of your client information or there was a crash in a server and you lost it all? Since the 1990s, attorney cyber liability insurance has been available to help protect law firms against cyber security liability claims that someone might raise against them.

What Attorney Cyber Liability Insurance Covers

Although cyber liability coverage varies from policy to policy, most reputable insurers will protect your firm against data breaches and identity theft in the event that either of these types of situations occurs. While most people do not realize it, cyber security breaches can be extremely expensive, with the average cost of damages ranging from $2,000 to $76 million. 

Why Firms Need Attorney Cyber Liability Insurance

Law practitioners are relying on digital technology in their daily operations more and more. As a result, there is an increasing need for lawyers to protect their cyber assets. Even though digital storage is more convenient, it comes with a cost. Think of liability insurance as a convenience fee. 

As reliance on technology increases, so does the need to protect digital assets. Cyber liability insurance can keep your firm digitally secure.