At a glance.
- Solicitors Regulation Authority preps guidance on cyber-loss indemnity clauses.
- US Intelligence Community issues its Annual Threat Assessment.
- Industry groups welcome opportunity to shape supply chain security standards.
UK regulator prepares guidance on cyber-loss indemnity clauses.
Legal Futures says Britain’s Solicitors Regulation Authority (SRA) is drafting an amendment to clear up insurance providers’ minimum terms and conditions regarding coverage of legal firms’ cyber losses. The worry is that some professional indemnity policies are too vague about what’s included, leading to either exposure or redundant coverage. The new clause will clarify that civil liability claims stemming from cyberattacks are covered (just like other civil liability claims), while “first-party losses,” whether monetary or reputational, needn’t be.
An SRA executive called law firms “an attractive target” for cybercrime since they “handle large amounts of client money and sensitive information”: firms lost £2.5 million to cyberattacks in the first half of last year. Though lawyers are concerned about further rate hikes, the Law Gazette observes that premiums should…
