Vancouver – The Law Society of BC noted on social media that the Lawyers Indemnity Fund coverage is being expanded to include cyber insurance.
The Benchers approved adding primary cyber coverage as part of the Indemnification Program. Lawyers Indemnity Fund is launching cyber coverage through underwriter, Coalition, Inc., for all law firms it indemnifies. The policy takes effect on June 1, 2021, and the cost will be borne by LIF.
Coverage is for third party liability claims, first party losses and cybercrime claims, including the most common cyber risks – ransomware, social engineering fraud and data breaches. The Law Society is contacting designated representatives by separate email today providing more information and seeking their assistance. Further information, including details on upcoming webinars, coverage, reporting claims, risk management, and FAQs, will be available on a new “Your cyber coverage” page that will be added to the Lawyers Indemnity Fund website on April 1, 2021.
Kyla Lee, Lawyer with Acumen Law Corporation told FVN: I think this is great. We’ve seen a ton of problems lately from lawyers who have been scammed online or the victims of cyber attacks.
Online ransom attacks can be costly, and lawyers have to act fast to protect client interests and privilege. This means that these online attacks are something that insurance can and should cover.While the cost of this may be borne by other members of the profession, the reality is that lawyers will be better off in the end knowing that our clients are protected and those who are subject to these attacks are not bankrupted by the demands made of them.
Even the most shrewd and internet-savvy person can be duped, as online scams are very sophisticated. Lawyers are often working on deadlines and pressure can make it easy to make a mistake when scrutinizing an email.
