Approximately 90% of law firms in BC have 5 or fewer lawyers. Without an in-house or third party IT team, many firms may find an insurer’s system security requirements challenging or impossible to meet. Then, if they do qualify, they will only have access to an endorsement or policy that does not include social engineering fraud or ransomware coverage, the two biggest risks law firms face.
Other firms do purchase cyber policies, but the profession and the public as a whole are not protected. The Law Society wants to provide all qualifying law firms with basic but broad cyber coverage at a low price, and the only way to do this is through a mandatory program where there are no conditions to coverage.