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 events@clear-guidance.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.

Big thanks to our sponsor Shepard Walton King, and our co-presenter, Josh White from Evolve Insurance.

Key takeaways:

• 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

Talk to Clear Guidance Partners today about how to protect your firm!