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Cyber Insurance Costs Are on the Rise, But Law Firms Can't Afford to Forgo It
So much for peace of mind. Over the past year, obtaining and keeping cyber insurance has almost become an exercise in crisis management. With insurers leaving the market, applications becoming more demanding, policy coverage shrinking and premiums hitting record levels, a rising number of law firms are deciding to forgo insurance altogether.
Of course, many firms are staying the course, regarding cyber insurance as another unavoidable cost of doing business. But whether they're aware of the full extent of this cost — especially amid growing legal battles over what such policies even cover — is another question entirely.
So while law firms are feeling first-hand the impact of a cyber insurance market struggling to stabilize, the full extent of all the changes have yet to fully hit home — and even more so for firms that have completely avoided the cyber insurance market in the first place. Still, it is increasingly unlikely that law firms will be altogether able to avoid to cyber insurance — and the related high cybersecurity standards it mandates — much longer.
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