In a bid to raise awareness and assist in providing a foundational solution against the clear and present risk of targeted hacking, Lawcover has purchased a group cyber-risk insurance policy for insured law practices.
“The group cyber-risk insurance policy will provide foundational cyber-risk cover to Lawcover-insured law practices and importantly, with no forms to complete and at no additional cost,” Lawcover CEO Michael Halliday said. “The policy provides crisis assistance and protection from losses to a limit of $50,000.”
The policy, which is tailored for law practices and sits adjacent to the Lawcover professional indemnity insurance (PII), will take effect for 18 months starting January. The Lawcover board will consider whether to extend the policy for another 12 months before it ends in June.
The policy, underwritten by Barbican Insurance Group of London, through Barbican Syndicate 1955 at Lloyd's, provides cover for first-party losses, and specified third-party losses not covered by the PII policy.
Each law practice can use the cyber-risk policy as a foundation for assessing its own risk – independently or through an insurance broker – if the coverage provided is sufficient for its needs, or if it needs an increase in the limit and breadth of cover.
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