Why is Orlando Cyber Liability Insurance a Must for Attorneys?
In a recent webinar the American Bar Association (ABA) noted that attorneys and legal personnel have been slow to respond to cyber security threats. The ABA stressed the importance of cyber security and liability protection, noting that lawyers and their practices have gone unprotected from huge financial implications of a cyber-data breach. While Orlando Cyber Liability Insurance has been accessible since the late 1990s, it was not until legislation requiring that entities that maintain personal data about state residents are required to provide notice when information is accessed without authorization. Such laws exist in 47 states to date, which have pressured businesses across all industries into strengthening their data handling processes.
Law practitioners increasingly rely on technology for digital data transmission and storage in their daily operations. As such, the ABA encouraged Florida attorneys to assess their current cyber security protection plans, asserting that adequate cyber liability coverage is the most important step in data breach protection. The primary concern regarding cyber security is that data is not considered tangible business property and is therefore not protected under general property liability coverage. They also advised lawyers to seek out Orlando Cyber Liability Insurance policies with very specific coverage options.
Legal professionals require the most comprehensive Orlando Cyber Liability Insurance coverage available, which includes extended inclusions and high financial protection. According to cyber risk specialty research groups, the average cost of a cyber-security breach is estimated at 3.5 million dollars with actual claims ranging from $2,000 to $76 million. Legal expenses and settlement fees make up the majority of costs accrued from a data breach so having high compensation rates can ease the financial burden. Prior acts, wild virus and unencrypted device inclusions are must haves for any Orlando Legal practice to ensure that data accessed from any source at any time is fully protected, especially since cyber threats can present themselves anywhere at any time.
At Newman Crane we offer the most extensive Orlando Cyber Liability Insurance coverage throughout Central Florida and can help manage the cyber liability exposures your company may face. We offer an array of coverage expansions to our Orlando General Liability Insurance policies, that can help mitigate liability disasters caused by hackers, identity thieves and a myriad of other business threats. Call our specialists today at (407) 859-3691 for more information about how we can help protect your organization.