Have You Examined Your Cyber Insurance Policy Lately?
Walter Andrews, head of Hunton & Williams' insurance litigation and recovery practice, says that many of those who have cyber insurance discover too late that their policies are not useful.
July 07, 2017 at 11:00 AM
32 minute read
Now that global law firm DLA Piper is for the most part back up and running after days without phones and email following a massive cyberattack, the financial and business threat to law firms is clear—as is the need for good cyber insurance.
The malicious software that caused the widespread outage at DLA Piper, and a host of other well-known companies, including one computer at Baker McKenzie's Kiev office, locked users out of their computers and asked for a $300 ransom payment. Although DLA Piper said it had no evidence that confidential information had been breached, the firm's web blackout has constrained lawyers and required them to request deadline extensions in court cases. According to some reports, lawyers in some offices are still struggling with the effects of the cyberattack, experiencing limited access to emails and documents.
“Can you imagine being a business and not being able to access your email, your data worldwide for three days? I think that's pretty devastating,” said Walter Andrews, head of Hunton & Williams' insurance litigation and recovery practice. “The problem is, if you don't get ready beforehand, it's going to be too late.”
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