Gemini Risk Partners, an independent professional liability insurance brokerage for law firms, has introduced a new cyber liability program developed specifically for law firms.
CyberMate Legal is written by a syndicate on the Lloyds of London platform.
“We are seeing a proliferation of cyber breaches and cyber liability claims against law firms, including significant ransomware demands. With more firms offering remote work options to lawyers and staff, cyber intrusions on law firms have increased exponentially,” said David Kramer Gemini Risk Partners principal. “We can now meet those needs for firms of all sizes with an ‘A’ rated insurer and comprehensive coverage.”
CyberMate Legal offers wording tailored to law firms, including specific reference to loss or theft of data in the course of the attorney-client relationship and reference to lost billable hours in calculating income loss.
“This coverage offers law firms what they tell us would help them the most in the event of a cyber loss,” added Theodore Nittis, Gemini Risk Partners principal. “Notably, it offers social engineering coverage up to $3 million. This means coverage for what is now a relatively common situation - someone at the law firm is asked to wire money to a specific bank account and the request appears to come from a member of the firm or client but is actually from a bad actor impersonating the attorney or client.”
CyberMate Legal coverage includes costs for credit monitoring, forensic work, data restoration and cyber ransom payments, as well as financial harm to vendors and financial loss to clients as a result of a data breach. In addition to risk management services, the policy includes access to a 24-hour incident response hotline.
For additional information, contact dkramer@geminiriskpartners.com.
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