Cyber Insurance Can Head Off Your Firm’s Cyber Risk

ALA’s Legal Management Magazine

Chair of Olshan’s Insurance Coverage Practice Jeremy King published an article in ALA’s Legal Management Magazine entitled “Cyber Insurance Can Head Off Your Firm’s Cyber Risk.” In the article, Jeremy discusses the need for law firms to craft appropriate cyber risk policies to preemptively get ahead of malicious actors. Such proactive steps are more necessary than ever, given the ubiquity of AI-assisted workflows that add potential new avenues of exposure. “The use of AI products like ChatGPT poses a professional risk and a risk to private and protected information kept by law firms,” he writes. “Such tools may collect data from the users themselves, risking unintentional disclosure of client confidences. OpenAI currently faces at least one putative class-action lawsuit alleging that several activities, including the use of user data, violate privacy laws.” Law firms should employ safeguards regarding client information, as well as immediately work with authorities should a cyberbreach occur. They should also ensure that their insurance policies entail adequate coverage. “Risk identification and underwriting of a sophisticated coverage program require identification of sensitive information kept by the firm, an analysis of network security, and a close partnership with a knowledgeable broker that can provide guidance on the insurance options available,” Jeremy explains. “Timely advice from experienced counsel and industry professionals will help create an insurance program that maximizes a firm’s ability to mitigate loss through insurance recovery.”


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