Lawyer’s Learning Center with DHIA Podcast Season 04
Season 04:
Cyber Security, Information, and Insurance
Data breach insurance and cyber liability insurance are often used interchangeably, causing many to confuse the two.
Is there actually a difference? Yes.
Listen to this week’s episode as we take a deeper look at each type of coverage to clarify the differences between the two. We’ll also discuss what you should consider when looking for protection against a cyberattack.
════════════════════════
More Resources:
Read more about why using professional liability insurance to cover cyber liability claims can be an expensive choice: https://www.dhia.com/blog/should-you-use-professional-liability-insurance-for-cyber-liability-coverage/
Cyber Liability Self-Assessment
Hackers never rest. Their dark mission gives them a vicious motive to develop new ways to penetrate your organization’s technology and get hold of your sensitive information and personal data.
Don’t make the mistake of thinking you’re immune. Every business owner, big and small, is a target for cyber criminals. Give yourself and your team the gift of cyber education to mitigate risk.
To help mitigate your cyber risk, this week we are going over some of the leading data breaches and cyberattack methods used today:
- Employee Access Levels
- Social Engineering
- Evil Twin
- Spear Phishing
- Phishing
════════════════════════
More Resources:
Read more about why using professional liability insurance to cover cyber liability claims can be an expensive choice: https://www.dhia.com/blog/should-you-use-professional-liability-insurance-for-cyber-liability-coverage/
Cyber Liability Self-Assessment
Whitney Tabash, a Broker with All Risks, Ltd., sat down for an interview and answered the following questions:
- Do small businesses need to worry about cyber threats?
- How much does a small business stand to lose in a cyberattack?
- Are there claims that are more common with small businesses?
- Why are small businesses especially vulnerable?
Every big business knows a breach will happen. So, their plan isn’t “if a breach happens.” They have a reaction plan for when it does happen. Is it unreasonable for you to create a plan also?
════════════════════════
More Resources:
In this episode, we are diving into what makes a law firm attractive to cyber criminals. Learn why law firms, big and small, are targets and what specific vulnerabilities lie in the legal industry.
We’ll also hit on four steps you can take right now to help protect your firm.
It is imperative for all lawyers and other business owners alike to remember: hackers only need to find one way in. They spend a great deal of time finding that one way, so make sure to protect your business from every possible angle.
════════════════════════
More Resources:
The National Institute of Standards and Technology (NIST) released an updated Cybersecurity Framework that outlines recommendations for organizations to improve their cybersecurity measures. In this episode, we’ll cover some key takeaways from the NIST guidelines that you can implement today.
════════════════════════
More Resources:
You’ve been hit with a cyberattack. Now what? Who do you owe money to? What regulations are you subject to? How do you handle it? Who can you turn to for help?
Whitney Tabash, a Broker with All Risks, Ltd, recently sat down for an interview and answered the following questions:
- What fines do you owe after a breach?
- How do businesses know how they need to respond to a cyberattack?
- What about small businesses that can’t afford a compliance officer, and DON’T have a cyber policy?
- For small businesses that DO have cyber insurance, how can the carrier help guide them through a cyberattack?
- What is covered by a cyber policy? What isn’t covered?
════════════════════════
More Resources:
Education and preparation are the most important tools to protect against a data breach. Phishing emails and cyberattacks touch an entire company. Can you think of anything more paralyzing than an employee realizing they just imperiled the entire company by clicking on “that email?”
Zac Wilcoxen runs Pretect managed IT services. He helps companies manage their risk and equip employees for cyber security. Zac sat down for an interview with DHIA to answer important questions such as:
- How do you train employees for cyber security?
- How do you train employees to recognize phishing schemes?
- How do access restrictions help protect company assets?
- How frequent are cyberattacks?
- How do I create password policies that are effective?
- How cyber security requires keeping software and systems up to date.
- How a VPN improves security.
- Are some email platforms more secure than others?
════════════════════════
More Resources:
One of hackers’ top targets is proving to be the legal industry due to the type and volume of data held by firms and the judicial system.
Law firms who want to stay ahead of cyber threats must change their playbooks. The playbook overview involves:
- Quantify your risk and make a plan.
- Outline how current cybersecurity processes, policies and tools can or can’t handle each scenario or disruption.
- Continue this in an ongoing process that adjusts as cyber security continues to evolve.
Download our Cyber Liability Self-Assessment and start quantifying your exposure: https://hubs.ly/Q01SB3nd0
Step 1: Make a list of everything that could be accessed if someone penetrated your systems.
Step 2: Make a list of any organizations or standards that impose compliance upon you.
Step 3: Now it’s time to quantify your financial exposure.
Step 4: Add the total financial exposure and subtract anything covered by insurance.
Then, review your insurance policy and adjust coverage based on your exposure and risk tolerance.
════════════════════════
More Resources:
Cyberattacks and data breaches hit companies of all sizes. To the surprise of many, it’s the small and medium-sized businesses that get hit more. It’s not a matter of “if”, it’s “when”.
When a cyberattack hits your business, will you be prepared to manage the crisis?
Zac Wilcoxen, who runs Pretect managed IT services, sat down for an interview and answered the following questions:
- What are the first steps you should take when hit by a cyberattack?
- What is business continuity and why is it important?
- Should you pay the ransom?
- How long does it take to restore the system after a ransomware attack?
- Is there a point where it makes sense just to scrap everything you have and start over?
- How do you establish an escalation protocol for a cyberattack?
- What does a managed IT provider service cost?
════════════════════════
More Resources:
Cyber liability insurance is one of the bargains of the insurance industry. Like an umbrella policy, it provides broad coverage at a low cost. Most importantly, you don’t want a cyber claim covered by other liability policies.
In this episode we’ll be going over:
- What influences the cost of cyber liability insurance
- Ways to minimize the cost of cyber liability insurance
- Choosing specific coverages to protect your vulnerabilities
- How a stand-alone cyber policy supplements professional liability insurance
Educate yourself so you can speak more confidently to an agent about your firm’s specific security vulnerabilities and choose the coverage needed to protect your business against a cyberattack.
════════════════════════
More Resources:
You’re on the hook. And you probably have no idea. You’ve made everything secure. And then you got sued. How did this happen?
The reality is you have unknown risk. It’s confounding.
In this episode, we answer the following questions to help explain it:
- Who owns the data when you’re using a third-party payment processor?
- Who does the law prosecute for a data breach if you’ve used a third-party payment processor?
- What about attorneys who accept credit card payments?
- How does data ownership law apply to data storage?
════════════════════════
More Resources:
Season 4 of our Podcast is all about cyber. Listen to the full playlist on YouTube.
Request a Quick Cyber Insurance Estimate
Cyber Liability Self-Assessment
Ransomware Kit: Defeat a High-Tech Nightmare With a Low-Tech Solution
Lawyer’s Path to Prosperity Newsletter
Sign up for our monthly newsletter to receive loss prevention tips and advice, CLE webinar invites, our latest podcast episodes, blog articles, and more.
