Lawcover, the professional indemnity insurer of the legal profession in New South Wales has negotiated on the Law Society’s behalf a cyber risk policy that is specific to the risks faced by law practices. Subject to the policy terms and conditions, cover is provided for:
Cyber Costs and Expenses, being the reasonable and necessary costs incurred to investigate and remediate a cyber-attack on your computer network.
Loss of Business Income and increased costs of working suffered as a result of electronic business interruption arising from a cyber-attack.
Cyber extortion payments, to the extent insurable by law and with Insurer’s consent, arising from cyber extortion threats made against the Practice.
Privacy Regulatory Defence and Penalties arising from a breach of security, privacy or breach of privacy regulations as a result of a cyber-attack on your computer network.
Crisis management costs and customer notification expenses incurred as a result of a cyber-attack or breach of privacy regulations.
Cyber liability to third parties to the extent these liabilities are not covered under the LST PII Policy or other relevant policies
A copy of the policy can be found HERE
The policy limit for each law practice is $50,000 for all cover under the policy during the period of insurance.