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Insuring Against Cyber Crime

By W. Brian Ahern and and Christine Clark

Cyber liability is increasingly important for law firms and lawyers. Technology has created new issues concerning breaches of privacy, security and more that can severely affect a law practice. Approximately 10 million victims a year are affected by a breach of privacy. Forty-six states have enacted data breach notification legislation, and federal law includes host data security requirements. Stolen laptops or other data-bearing devices rank the highest in terms of risk and provide access to your technology systems and confidential information.

A breach can be costly. Lost billable time can be extensive. Costs to restore damaged/destroyed data can be exorbitant. It takes approximately 175 hours to resolve the issue when a breach occurs. With the estimated cost to rebuild records at $202 per record, law firms can accrue significant fees.

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