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Cyber risk is a major threat to legal practice
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Recent experience with malware like ‘WannaCry’, ‘Petya’ and ‘NotPetya’ has shown that you don’t need to be a target to become a victim of cyber crime.
In conjunction with the Law Society of NSW, Lawcover and its professional advisers have been examining ways to raise awareness about cyber risks in legal practice and to assist in mitigating this evolving business risk amongst its nearly 6,500 law practices.
From 1 January 2018 Lawcover will provide foundational cyber risk insurance for insured law practices
Lawcover has purchased a group cyber risk insurance policy that will provide foundational cyber risk cover to insured law practices at no cost. This cyber risk policy provides crisis assistance and protection from losses to a limit of $50,000.
This policy has been tailored specifically for law practices and sits adjacent to the Lawcover professional indemnity insurance (PII) policy. It provides cover for first party losses, as well as specified third party losses which are not otherwise covered by the PII policy.
The cyber risk policy is a foundation from which each law practice can assess its own risk (either independently, or through an insurance broker or professional adviser). Each practice can decide whether the coverage provided is sufficient for its needs, or consider purchasing an increase in the limit and breadth of cover by approaching the issuing insurer, subject to underwriting review.
This cyber risk policy will be effective for an 18 month period from 1 January 2018 to 30 June 2019.
The Lawcover Board will consider prior to 30 June each year thereafter, whether to extend the group cyber policy for an additional twelve month period.
This initiative recognises the threat that cyber risk poses to the legal profession. Lawcover and the Law Society of NSW are committed to providing the guidance and resources necessary to keep law practices safe.
Please continue to the next page to read our FAQs or click here for detailed information on our website.
Simone Herbert-Lowe Senior Claims Solicitor
The risk of financial loss, disruption or damage to the reputation of a law practice due to computer hacking, cyber extortion and ransomware, business interruption and unintended disclosure or destruction of confidential information is a serious threat and will become a reality for many legal practices.
FAQs - the who, what and how of your cyber risk policy
Is my practice at risk of cyber attack?
Yes. Potentially every law practice using an internet connection and/or common commercial software is at risk. The Australian offices of a global firm were affected this year by the NotPetya cyber attack.
Is the Barbican Insurance cyber risk policy available to my law practice?
The Barbican Insurance group cyber risk policy (Barbican cyber policy) is automatically available to all law practices currently holding a Lawcover professional indemnity insurance policy (Lawcover PII policy) as at 1 January 2018.*
What period is my law practice covered by the Barbican cyber policy?
From 1 January 2018 to 30 June 2019 as long as your law practice remains insured with Lawcover.
Before 30 June 2019 and in each following year, the Lawcover Board will consider extending the Barbican cyber policy for an additional twelve months. We will provide notification to law practices if this occurs.
Do I need to pay for the Barbican cyber policy or complete any forms to be eligible?
The Barbican cyber policy will be available to all law practices insured by Lawcover from 1 January 2018 and at no cost. From that date, the foundational cover of $50,000 will be available to all law practices currently holding a Lawcover PII policy and without the need to complete additional paperwork.
Can I obtain a Certificate of Currency confirming the cover provided by the Barbican cyber policy?
Yes, if you require a Certificate of Currency for the Barbican cyber policy, please contact Insurance Services on 1800 650 748.
What is covered?*
^ Crisis management costs and customer notification expenses
^ Electronic business interruption and increased cost of working
^ Cyber liability to third parties (to the extent not covered under other relevant policies)
^ Privacy regulatory defence and penalties
^ Cyber extortion payments consented to by the insurer.
What excess is payable?
The table below shows the applicable excesses your law practice will need to pay should you make a claim on the Barbican cyber policy.
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Last Complete Year Fee IncomeExcess
Minimum Maximum
$0 $100,000 $1,000
$100,001 $1,500,000 $1,500
$1,500,001 $4,000,000 $2,500
$4,000,001 $7,500,000 $5,000
$7,500,001 $20,000,000 $7,500
$20,000,001 $40,000,000 $10,000
$40,000,001 $60,000,000 $17,500
$60,000,001 $100,000,000 $25,000
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*See full Terms & Conditions of the policy here.
Where can I obtain extended cyber cover for my law practice?
Extended or increased limits of cover on the group cyber risk insurance may be available. If you would like to extend cover, speak with your insurance broker or Lawcover’s referral broker, Jardine Lloyd Thompson (JLT), for specific advice and recommendations on your additional cyber coverage needs:
Email: [email protected] Phone: 1300 789 856 Att: Gary Ward or Samuel Rogers
How do I make a claim?
You need to contact Barbican’s incident response team located at Colin Biggers and Paisley (CBP) solicitors who will make an initial coverage assessment and discuss your claim.
Notifications must be made to one of the following contact points:
Phone: 1800 BREACH Email: [email protected]
What if I already have a cyber policy for my law practice?
Whether or not your law practice already has a cyber policy in place, the Barbican cyber policy is available should you choose to use it.
Where can I find more information on the Barbican cyber policy?
Information is available at lawcover.com.au, including the Barbican cyber risk policy and details on mandatory reporting of eligible data breaches under changes to the Privacy Act 1988 (Cth) which will come into force from February 2018.
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