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    October 17th, 2013

    ♫ Digital, criminals you’ll make meals in cyber-crime
    Let’s all plan ahead, 2 times, I keep the chimes to a great mind… ♫

    Lyrics and music by GZA, Inspectah Deck, Killah Priest.

    LawPRO_LOGO

    LawPro, the Lawyers’ Professional Indemnity Company (LAWPRO) has announced that they will be providing a $250,000 submit coverage for eligible cybercrime losses in the 2014 policy year.

    LawPro is a wholly Canadian owned insurance company that provides professional liability insurance to lawyers in Ontario and TitlePLUS title insurance coast-to-coast. LAWPRO is headquartered in Toronto, Ontario, Canada.

    The cybercrime coverage appears to have been prompted by cyber attacks in 2012. According to LawPro’s newsletter:

    In late 2012, LAWPRO learned of a high-value cyber attack on an Ontario firm. The attack was highly sophisticated and complex, and was designed to permit the fraudster to gain direct access to a firm’s trust account using online banking privileges. For details about this attack and how to avoid being the victim of a similar fraud, see our December 21, 2012, post on the AvoidAClaim blog:
    avoidaclaim.com/2012/ontario-law-firm-victim-of-large-frauddue- to-infection-by-trojan-banker-virus/.  This is in addition to instances reported in the media involving cyber attacks against several law firms to access confidential client information.

    According to LawPro:

    At LAW PRO, we believe that preventing breaches in confidentiality and financial losses due to these cyber attacks is a responsibility we all share. Law firms and individual staff members and lawyers who work in them must educate themselves about cyber risks and take all reasonable steps to ensure that data and funds are securely protected. Insurance against resulting losses should be viewed as a worst-case remedy, and not a replacement for preventive and protective steps.

    The particulars of the coverage are to be found in the 2014 policy. LawPro states:

    Lawyers should also understand that the sublimit provided, like all areas of the policy, applies to losses arising from lawyers providing professional services as lawyers. Losses that a firm might experience that go beyond this type of insurance coverage include reputational loss, physical damage or business interruption.

    While this coverage is innovative in Canada, it does not alleviate the necessity for law firms to be vigilant and take every precaution to avoid being taken in by digital criminals.

    (cross-posted to slaw.ca)

    This entry was posted on Thursday, October 17th, 2013 at 10:21 am and is filed under Firm Governance, Fraud and theft, Issues facing Law Firms, Law Firm Strategy, Leadership and Strategic Planning, Tips, Trends. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
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