The AdvoCap Insurance Agency, Inc. Cyber Liability Insurance helps protect your law firm from data breaches.
For years, security professionals have been saying, “either you have been data breached, or you just do not know that you have been data breached.” Data breaches are now a fact of life together with taxes and death, but how can law firms better manage the risks related to a data breach and reduce the significant cost resulting from them?
Cyber Liability Insurance has been most successfully used as a risk transfer option in countries with mandatory data breach notification laws. For example, in the United States, 46 of the 50 states have mandatory data breach notification requirements. Mandatory data breach notification regulations are a driver for Cyber Liability Insurance as the costs of notifying affected users can be extremely high.
As the expense of dealing with a breach gets higher –, and the cost of dealing with the mandatory notification is added – the option of using Cyber Liability Insurance will become more attractive for many firms, in much the same way that existing business insurance policies for fire, flood, and theft are a vital itinerary in the risk management toolkit.
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