There was a great article today in Law Technology News on the importance of cyber risk management and the impact a good risk profile has on the insurance costs. Judy and Ben hit the nail on the head and in addition to the risk profile, a firm who properly transfers risk to their technology vendors is much more attractive to an insurer.
If you think of all the technology vendors and subcontractors you have, ask yourself if you know whether or not they’ve accepted the exposure of a loss of your data or outage of a hosted platform. Most likely the answer is no! And even if they have accepted the liability, have you asked them for the right insurance coverages and done the proper due diligence on those insurance products? This is a process that every law firm, and other businesses who use technology, should go through to properly understand their technology risk.
You can read the full article here from Law Technology News.SHARE