登录查看更多内容

Enhancing Cyber Coverage in the LPL Market

BDI Global

Cyber Made Simple

发布日期: 2024年7月31日

Did you know?law firms were identified as the second-most susceptible industry to cyberattacks? One in four lawyers reported their firm had suffered a computer security breach according to a 2023 report from the American Bar Association (ABA).

As the cyber threat landscape continues to evolve, the need for robust and transparent cyber coverage in the Lawyers Professional Liability (LPL) market has never been more critical. At BDI Global, we are committed to staying ahead of these challenges by providing our clients with clear, comprehensive, and actionable cyber insurance solutions.?

Your firm may be more vulnerable than you think, BDI Global offers you peace of mind with unique cyber coverage through SafeLaw.

Understanding Cyber Risks in the LPL Market

Legal professionals are increasingly becoming targets for cybercriminals due to the sensitive nature of the data they handle. From ransomware attacks to data breaches, the legal sector faces unique cyber risks that require specialized coverage.?However, the biggest cybersecurity threat to law firms currently comes from social engineering schemes.

We encourage Law Firms to...

Invest in the right cyber insurance policy like SafeLaw
Maintain a robust cybersecurity program, learn how Shield Up can help.
Ensure a verification process is set in place for financial transactions.
Practice regular employee training.

Our Commitment to Clearer Cyber Coverage

BDI Global is proud to offer robust cyber coverage specific to law firms needs designed to make cyber coverage in the LPL market more transparent and effective. Our goal is to ensure that our clients fully understand their policies and are adequately protected against emerging cyber threats through SafeLaw. See what SafeLaw can offer your law firm below.

Coverage for firms’ contractual requirements, ethical obligations, and client responsibilities.
Unique DIC/Wrap structure dovetails to your LPL policy.
Limits of up to $5M, limits over $3M are subject to referral. Programs open to all law firms with revenues up to $100M.
Ability to buy up $1M in ransomware sub-limits and $500K in crime sub-limits.
Supported by leading Underwriters At Lloyds - Best Rating A XV.
Limits starting at $100,000, deductibles starting at $2,500.

Understanding the Coverage Your Firm Needs

It is important to understand the difference between your Professional Liability (Errors & Omissions) Policy and the SafeLaw Cyber Policy.

The Professional Liability Policy coverage focuses on claims arising from professional services or advice provided by a business or individual, typically insuring professionals such as consultants, lawyers, accountants, architects, engineers, and healthcare providers. Covered risks include claims of negligence, errors, or omissions in professional work that result in financial harm to clients. Typically excluding coverage for bodily injury, property damage, and intentional acts.

The SafeLaw Cyber Policy is design for Lawyers specifically. Its coverage focuses on risks related to data breaches, cyberattacks, and the management of sensitive information, designed for industry-based policy forms that handle sensitive data, including customer information and financial records. Covered risks include costs associated with data breaches (e.g., forensic investigation, notification costs), liability arising from unauthorized access or disclosure of personal information, and expenses related to cyber extortion. May exclude bodily injury and property damage that result from cyber incidents (these are typically covered under general liability policies).

Key Differences:

Nature of Coverage: Professional liability focuses on errors or omissions in professional services, while cyber liability focuses on data breaches and cyber-related risks.
Insureds: Different types of businesses and professionals typically purchase each type of policy based on their specific exposures.
Covered Risks: Professional liability covers financial losses due to professional mistakes, whereas cyber liability covers costs associated with data breaches and cyber incidents.