ABA to offer cyber liability insurance
The ABA is adding cyber liability coverage to its insurance offerings for law firms.
The cyber insurance, underwritten by Chubb Limited, covers law firm expenses associated with hacking, including the costs of network extortion, income loss and forensics, according to an ABA press release. Liability protection and defense costs are also covered.
ABA Insurance is available only to ABA members and their families through USI Affinity.
The press release notes that hackers are increasingly targeting law firms, and refers to the recently unsealed indictments of three Chinese citizens for allegedly accessing the computers of two prominent U.S. law firms. The hackers allegedly made about $4 million trading on the information they obtained.
“Cyber insurance coverage is a valuable and practical member benefit for lawyers offered through the ABA Insurance portfolio,” ABA President Linda A. Klein said in the press release. “As the number of cyber breaches increases everywhere and throughout all industries, it is critical that lawyers and law firms that rely on vast amounts of electronic data are protected. As the legal profession evolves, the ABA remains at the forefront in providing attorneys the tools they need to thrive.”
See also:
ABA Journal: “Law firms must manage cybersecurity risks”
ABA Journal: “Cybersecurity insurance is a ‘must have’ for law firms”
ABA Journal: “Cyber liability insurance is an increasingly popular, almost necessary choice for law firms”
