Yes, LPLC’s policy does cover certain cyber risks. LPLC’s broad professional indemnity policy includes cover for damages/compensation claims in connection with the firm’s legal practice arising from cyber-related events.
Examples of cyber-related claims covered by LPLC’s policy include:
- compensation claims for breach of confidential information or breach of privacy
- damages claims for defamation committed on-line
- claims for loss of client funds through business email compromise (i.e. email hacking by fraudsters redirecting settlement money).
However, LPLC’s professional indemnity policy does not cover a firm for its own losses arising from cyber-related events or for regulatory prosecutions, fines or penalties.