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Issue 57 | May 2019

LIANSWERS

This newsletter includes information to help lawyers reduce the likelihood of being sued for malpractice. The material presented is not intended to establish, report, or create the standard of care for lawyers. The articles do not represent a complete analysis of the topics presented, and readers should conduct their own appropriate legal research.
Business risks facing professional service providers

AON’s recently published Global Risk Management Survey discusses risks facing businesses today and the risks they are predicted to face in three years. For professional services, today’s top three risks are damage to reputation, cyber attacks / data breach and failure to attract or retain top talent. Three years from now they predict the risks to be cyber attacks / data breach, economic slowdown and failure to attract or retain top talent. There are common themes here, some of which we can control, some we cannot. But all can impact your law practice.

We recognize the importance of helping you appreciate and mitigate against potential cyber issues. Our solution is two-fold – awareness and insurance coverage. Regarding the latter, as you know, Part D of your LIANS insurance policy provides cyber coverage. As part of your regular risk management, you should take a few minutes to review your LIANS insurance policy to satisfy yourself that the coverage and limits we provide are sufficient for your particular practice. The reality is that a data breach or ransomware attack could adversely affect your business and reputation more than a single professional liability claim.

Should you have any questions, please feel free to contact the Director of Insurance.