Article
Cyberinsurance Bedevils Law Firms
July 3, 2024
Procuring Cyberinsurance: An Annual Nightmare
When lawyers receive their annual cyberinsurance policy for review, they become apoplectic. Typically, cyberinsurance costs more each year and offers less coverage. To add fuel to the fire, lawyers are faced with a lengthy form to fill out detailing many aspects of their cybersecurity. The questions, for many lawyers, are incomprehensible. Forget about accurate answers – they need to bring in their IT professionals to help, another cost if they rely on IT help outside of the firm. The problem is further complicated if the IT professionals do not carry a cybersecurity certification.
Worse yet, if a firm investigates getting a cyberinsurance policy from multiple cyberinsurers, the first thing they’ll discover is the truth of a popular saying. “If you’ve seen one cyberinsurance policy, you’ve seen one cyberinsurance policy.” The variations between cyberinsurance policies are truly remarkable – and utterly confusing for lawyers trying to obtain coverage.