Cyber Insurance Presentation: Key Takeaways
We recently put on a CLE presentation about cyber insurance for law firms. If you’re interested in a copy of the presentation, please send us a note at email@example.com. If you’re interested in a cyber insurance review, our legal CIO can assist, or reach out to Chris Graham, the cyber specialist at SWK.
Due to how new the cyber insurance market is, there is no standard for coverage, each policy is different in what it covers and excludes.
Lots of fine print means that there are very specific exclusions or coverage limits for various situations.
Many firms are lacking basic secure such as enterprise grade firewalls and comprehensive multifactor security.
In the event of a breach, there are a lot of common reasons for the claim being denied, which can include:
Insufficient IT Security
In the case of wire transfers, a second method of verification has to be used such as a phone call
“62% of all attacks are on small to mid sized businesses”
#1 cause of breaches is human error