Why Does My Company Need Cyber Liability Insurance?

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Gadgets-In-Business-Vacation-Shopping-Banners-[Converted]Today’s businesses are more reliant than ever on technology.  Whether it’s an app, a device, or a piece of software, a business can save time and money.  However, this technology may expose them to multiple cyber risks that need to be addressed.  An unhappy ex-employee, a lost cell phone, an insecure password, an out-of-date computer system – these may all be a possible source of a data breach.

What is a data breach?
According to the Ponemon Institute, a breach is defined as an event in which an individual’s name and a medical record and/or a financial record or debit card is potentially put at risk—either in electronic or paper format.

Verizon found in their 2015 Data Breach Investigations report that about 50% of all security incidents are caused by people within your organization!  The other 50% are caused by hackers, viruses, malware, etc.  The people in your organization may not have caused the breach maliciously, but through human error or some other negligence.

Amazing Data Breach Facts

According to Ofcom’s “Adults’ Media Use and Attitudes Report 2013”, 55% of adults use the same password for everything.  Therefore, when one data breach occurs, about 55% of the passwords and information recovered can possibly lead to another breach, which can lead to another, etc. It’s easy to see how you can have a secure system, but if it’s not protected by secure employees, a data breach could easily occur.

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The average cost per lost or stolen record in a data breach is $141 dollars according to the 2017 Ponemon Institute Data Breach study.

How many records is your company responsible for?  

When there is a breach in Pennsylvania, you are responsible for notifying each owner of those records that their data has been compromised.  Not only have you lost or diminished the trust of your clients, but you will spend a large amount of money informing them of this fact.

Because your clients can reasonably expect that you will protect their data, failing to do so can also result in federal and/or state fines.  Make sure that you are taking all reasonable steps to protect your data.

How can you protect your company from a data breach?

The first step that you can take is to purchase a cyber liability insurance policy. This allows you to transfer the risk to the insurance company and know that you are covered in the event of a data breach.  For the cost of a nice laptop (under $1500), you can purchase a standalone cyber liability policy.

This policy will help with a number of things when it comes to a data breach.  Most policies will cover the cost of notification, finding the breach source, fixing the source, restoring your clients’ trust, fines and more.  Before you purchase a policy, review the coverage available and ensure that you are fully covered.

The second step that you can take is to train your employees well and make sure that you have office procedures in place to ensure your security.

TOP 5 FREQUENTLY ASKED LIFE INSURANCE QUESTIONS

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The main concept of life insurance is well known and, for the most part, understood by those who purchase it.  Essentially, if you are covered by a life insurance policy and you pass away, a certain amount of money is paid by your life insurance company to the beneficiary you have designated.  While the general concept is easy to grasp, there are several other things to keep in mind,

 

Why should I buy life insurance?

There are many reasons why a person should buy life insurance.  A short list of popular reasons would include: (1) the cost of your own funeral/burial, (2) replacement income for your spouse and/or children as they can no longer rely on you to earn income, (3) mortgage/debt payoff.  Other valid reasons that should be considered include tax-free distribution of your wealth to your heirs/beneficiaries, children’s education expenses and buy/sell agreements for business partners.

 

Do I need to review my life insurance policy after I purchase it?

Yes, it is very important that you take the time to review your life insurance policy every few years.  Although not the case for all, most people undergo some significant changes in their life over a two or three-year time period.  Here are a few examples.

Got married? (Not the same as Got Milk?!)  If so, a review of the policy beneficiary and the value of the death benefit is in order.  No changes have to be made but common sense dictates a modification may be needed.  Got Divorced?  (Again, not the same as Got Milk?!)  The same holds true in this case as when you get married; death benefits and beneficiary should be reviewed for changes.

Purchasing a new home will also trigger the need to review your life insurance policy.  Suddenly, your $50,000 policy becomes insufficient when you consider your new $250,000 mortgage.

Have you gone on a health kick and lost a bunch of weight?  Good for you!  Not only will you be healthier, you may qualify for a preferred insurance rate and obtain more coverage for the same price or pay less premium for more coverage!

Life changes are happening all the time.  Make sure your life insurance policy keeps pace with your life style.

 

 

What is the difference between whole life insurance and term life insurance?

I like simple explanations of things and “simply put” the main difference between term and whole life lies in the name of the type of coverage.  A “whole life” insurance policy is designed to cover you for your entire lifetime. Term life (for this purpose) can be considered short for the word “terminates”.   Term policies are typically designed for a specific period of time and then expire. (i.e. 10 years, 20 years, 30 years).   Because whole life polices usually last longer and have some sort of investment return included in the contract, whole life costs more than term life policies. Because of their specified length of coverage, term life policies are recommended to insure agreements that have timelines ie.mortgages, business arrangements.  As with most products, term life and whole life polices can be designed with a variety of features and benefits.

 

How much life insurance should I have?

A tough question and I am not sure there is one “correct” answer. 

Everyone’s situation is different and there are many variables that come into play: Married, Single, Children, Income, Age, Health. Many professionals advise that the amount of life insurance should be a multiple of your earnings…..perhaps.  I think a better approach is to discuss your specific situation with an insurance professional and agree on an amount that you are comfortable with knowing the reasons why you agreed on that certain amount.

 

Is it hard to apply for life insurance?

No, as the saying goes, it is relatively painless!  An application will be required.  These applications will ask for your personal demographics along with your health history.  Depending on your circumstances, a completed application may be all that is required. In certain circumstances you may be required to have tests performed i.e. blood test, blood pressure, EKG.  Again, the amount of information required and tests performed will depend on your individual circumstances and amounts of life insurance you are seeking.  Remember that your Agent can assist you with the application process and with any questions that you may have.

 

 

 

 

 

ShareFile Portal Perks for INF Clients – 24/7/365 Access for YOU!

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As an INF client, you have access to the INF ShareFile Portal 24/7/365! This is a huge perk of working with INF. You have all of your data at your fingertips.
However, we have received multiple questions regarding the portal. We hope to clear up any confusion with this post.
Why does INF use ShareFile?
We wanted our clients to have access to their current lawyers professional liability insurance application and policy securely from anywhere at any time. We use our ShareFile portal to make that happen!
ShareFile has the following security features:

  • Third-party validated application and datacenter controls from SOC 2 and SSAE 16 audits.
  • Bank-level encryption in transit and at rest.
  • Two-factor authentication and single sign-on for added security.
  • Multiple data storage locations around the globe.
  • 99.9 percent uptime and disaster recovery centers in the United States and Europe.

In other words, ShareFile is very secure! INF is highly concerned with protecting your data.
How do I get to the portal?
Go to https://integrityfirstins.sharefile.com and you will be presented with the following screen:

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What username should I use?
Your username for the portal is the email address that you have on file with INF. If your email address changes, just let us know and we can change the username for you.
What if I don’t know my password?
Click on the “Forgot Password?” link on the Sign In page.

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This will take you to the “Forgot Password” page. It will ask you to enter your email address and to fulfill a CAPTCHA request to prove that you are human.
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Once you click “Send”, it will email you a “Password Reset” email from “Sharefile Support”.

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Click on the “Reset your password now” link. This will open a browser with the “Reset Password” instructions.

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Fill in the required fields and click the “Reset Password” button. This will officially reset your ShareFile password.
What is contained in the portal?
Your portal contains your current lawyers professional liability policy as well as your original application. Additionally, if you have been a customer of INF for more than one year, the portal contains all of your LPL policies and applications since 2015. You can download these pdfs whenever you would like.

I want multiple people in my office to have access to my files. Is that possible?
Yes, it is. Email sivol@integrityfirstins.biz with the person’s name and email address that you would like to add to your portal. They will be added within 48 hours. This can be done with multiple people as well.

Can I access the portal on my mobile device?
Yes, you have TWO ways to access it:
1 – You can get to the portal via the browser on your mobile device
2 – You can download the “Citrix ShareFile for iPhone and iPad” (https://itunes.apple.com/us/app/citrix-sharefile-for-ipad/id440596621?mt=8) app and sign in with your credentials. This app is also available from the Google Play Store (https://play.google.com/store/apps/details?id=com.sharefile.mobile&hl=en) and the Windows Store (http://apps.microsoft.com/windows/en-us/app/sharefile/b7940fda-b088-4af4-869b-e21a737bb26f).
You now can have a copy of your LPL insurance policy with you wherever you go!

Once I’m signed in, how do I download my policy?
Click on “Shared Folders” on the left-hand side menu to bring up your folder structure. Your folder name should contain your LPL expiration date and your firm name. Click on the folder to reveal the contents. This is where your policy is stored. To download the policy (or any document), click on the name of the document. This takes you to a preview screen, where you can see the document. It also gives you a few options on the right-hand side of the screen.

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You can download, copy or print the document from here.

What insurance limits should I carry as a Pennsylvania attorney?

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A question that frequently arises in the world of professional liability insurance is “what limits of liability should a lawyer or law firm carry?” 

To me, there is a simple answer to this question.

There are two parts to a set of professional liability insurance limits.  The first part is the “per claim” limit of liability.  This is the most that an insurance carrier will pay for both the cost to defend any one claim and any subsequent “loss” or “damages” sustained from said claim.  It stands to reason that the per claim limit of liability should be enough to cover both defense costs and a payout from a claim stemming from your highest valued case.

The second part of a set of professional liability insurance limits is the “aggregate” limit of liability.  This is the maximum amount of coverage for the entire policy year.  As the per claim limit should be selected to cover the worst of potential claims, your aggregate limit should be enough to cover your most expensive two or three claims.

If you find yourself thinking that your current coverage may not be suited to cover your biggest exposure, consult your broker on what the procedure and cost will be to obtain the limits you need.  You may be pleasantly surprised at how little the cost is to improve your coverage.

Common LPL Coverage Issues Overlooked By Attorneys

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Many lawyers have some type of ownership/equity interest in or with the clients they serve.  Others serve on local nonprofit boards within their community.  All do so usually without completely understanding how these outside interests and relationships affect their professional liability insurance coverage.

Most lawyers professional liability policies exclude coverage for those professional services that lawyers provide to clients where the lawyer has an ownership interest in or with that client.  Some policies go so far as to include ownership interests of the lawyer’s spouse!  Common examples that I have seen on lawyer applications are: ownership in title agencies, real estate, and small businesses of all kinds.

LPL Polices also exclude the acts of the lawyer when acting as a director, officer or board member of entities, including nonprofits.  Lawyers are often asked to sit on boards because they ARE Lawyers and are tapped for their knowledge of the law during board meetings.  It is very difficult for the lawyer and the board to distinguish when the lawyer is acting as a board member and when and if the lawyer is acting in the capacity of a lawyer and lawyer client relationship.  It is easy for the lawyer to get caught in a situation where the board believes he/she provided legal advice however the lawyer believes that he/she provided that advice as a member of the board.  In the event that “advice” leads to a bad outcome for the board and eventually ends in a malpractice claim, the lawyer could be without coverage!

Before accepting board positions or investing with or in clients, all lawyers should ask how this relationship will impact the professional liability insurance from both a coverage and cost standpoint.

 

 

Tips on reporting claims and potential claims

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When insureds report a claim to their carrier, the expectation is the claim will be covered and their assets and reputation be protected.  While this happens the majority of the time, there are situations when the worst occurs and the claim is denied coverage.  There are several reasons insurance carriers decline coverage on reported professional liability claims.  One of the reasons claims are denied is due to the late reporting of the claim.  Although late reporting is a cause for claim denial, it can be avoided by the insured.

Professional liability insurance policies require that all claims be reported in the policy period that the insured first becomes aware of the claim.  This is also true for potential claims.  Most carriers have wording in the policy that states the insured needs to report those incidents that the insured could reasonably foresee the incident may lead to claim.  Failure to report these potential claims may lead to a denial in coverage.

AttorneyAtWindowIt sounds easy and it should be easy for the firm to report claims and potential claims as soon as they are aware of them.  Unfortunately, it is never easy.  No firm wants to “think” they made a mistake or a client is unhappy with their services.  In addition, some insureds think that the mere reporting of a claim or potential claim will increase their insurance premium, so the claim goes unreported.  Not true.  The mere reporting of a single claim or potential claim does not necessarily increase your premium.

Bottom line…you pay a lot of money to secure the policy, don’t jeopardize the coverage when you need it most.  Report issues early.    Perhaps the tips below will help you make sure your claim or potential claim is reported in a timely fashion:

  1. Meet monthly with your staff/lawyers to review the “tough” cases.
  2. Encourage your staff/lawyers to bring problem cases to your attention.  Don’t punish.
  3. At renewal time, ask all lawyers in the firm to answer the potential claim and claim question on the renewal application. Have them sign and date it.
  4. Most carriers now have a claim hot line or help line that is available to insureds.  Use it.
  5. Make sure that your staff/lawyers know how the insurance policy works and that claims and potential claims need to be reported immediately or they risk losing coverage.  Identify a point “claims person.”  Have all claims and potential claims directed to that person for review and reporting.

December Attorney Pro Risk Tip of the Month

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ACCEPTING GIFTS
Know the rules regarding gifts. Generally, a lawyer may receive modest, unsolicited gifts from clients(1). However, a lawyer should not solicit substantial gifts from a client, including testamentary gifts, unless the client is a close relative (2).

 

 

1 See MODEL RULES OF PROF’L CONDUCT R.1.8(c) (1983) (amended 2013). 2 Id.

Tip courtesy of  www.attorneyprotective.com

November Attorney Pro Risk Tip of the Month

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Procrastination avoidance tips include:

  • Schedule the thing that you least want to do as your first activity for the day – get it out of the way.
  • Delegate what you keep putting off, if possible.
  • Refer the case you’re avoiding to another lawyer (following the rules in your jurisdiction).
  • Attend Attorney Protective’s free webinar on time management December 2, 2016.

Tip courtesy of  www.attorneyprotective.com

I received an email with a ShareFile Attachment from INF. Now what?

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Integrity First Corporation sends emails with encrypted ShareFile attachments for our clients’ protection.  We want to protect YOUR personally identifiable information, or PII, for short.  The email will say “This message contains attachments delivered via ShareFile” as shown below:

1-emailimageIf you receive an email from INF with an encrypted attachment from Sharefile, DON’T PANIC!  Just follow these 4 simple steps and you can retrieve the attachment in a snap:

Step 1 – The email will contain a link to the attachments that says “Download the attachments by clicking here”.  Click on the “clicking here” link.

Step 2 – This will take you to the INF ShareFile portal via your browser.  As seen in the image below, all of the attachments are selected for download by default.  Make sure that only the attachments that you want to download have a check in their checkbox.

2-downloadsimageStep 3 – Click “Download” and your browser will download the selected files into your “Downloads” folder.  Most browsers will show the download file in the bottom menu screen on the left as well.

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Step 4 – Open your “Downloads” folder and retrieve your attachments!

4-downloadsfileimageBonus Step 5 (If there are multiple attachments) – When there are multiple attachments, they will download as a zip file.  To open the zip file, right-click on it and select “Extract All”.

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This will create a pop up window, where you select “Extract”, and the individual attachments will then be available.

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But wait!  What if I don’t know how to find my “Downloads” folder?

To find your “Downloads” folder, follow these 3 easy steps:

Step 1 – Click on the Windows “Start” button

Step 2 – In the “Search programs and files” search box, type “Downloads”

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Step 3 – Click on the “Downloads” folder that it finds.

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Your downloaded files will be located within that folder.

Keeping Your Information Safe In the Digital Age – Part 3

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With the onslaught of data breaches that happened in 2015 (about 65,000 according to the Verizon Data Breach Investigations Report), INF presents this multi-part blog series about keeping your data safe in the digital age.

Accessing Your Password Database on Different Devices

The last blog post of this series covered setting up a password database in KeePass and accessing it on your personal computer.  This blog post will cover accessing your passwords on multiple devices.

Storing your Password Database in an Accessible Place

If you only want access to your passwords on your laptop or desktop, storing the database file (*.kdbx file) locally is fine.  However, if you want to be able to retrieve your passwords from your phone, tablet, etc., the file needs to be stored in a cloud.  If you already have a cloud account, you can store it there.  If you do not have a cloud account and you won’t be using it for large files, Dropbox is great free option to consider (https://www.dropbox.com/).  It takes about 3 minutes to sign up and you get 2GB of space for free.  Your *.kdbx file won’t even use 1% of that amount.

Once you have your Cloud account set up, move your password database file to the cloud.  This benefits you in multiple ways.  First of all, you can access your passwords from all of your devices.  Secondly, your password database will now be backed up on a regular basis.  In fact, Dropbox keeps all deleted and updated versions of your files from the last thirty days.  So, if you accidently delete your file from anywhere, you can restore it from dropbox.com.

Retrieving Passwords on your iPhone or iPad

If you want to access passwords on your iPhone, you need to download the app for the cloud that you are using onto your device. In the case of Dropbox, you will download the Dropbox app from the app store and use your account information to sign in.  You will then need to download the app “MiniKeePass”.

To load your password database into MiniKeePass, open the Dropbox app (or your Cloud app) and click on your *.kdbx file.  The cloud app will not be able to show a preview of the file, which is expected.  Click on the icon of the square with an arrow pointing up, which should give you a menu with multiple options.  Click the “Open in…” option and select “Copy to MiniKeePass”.  This has now stored a copy of the password database in your MiniKeePass app.  This is important to note as it is just a copy.  If you make changes to the file on another device, you will have to go through the process of loading your password database again.

The actions above will open MiniKeePass and display the database file. To open it, click on the filename.  The app will ask for the database password.  Enter your password and your database will display.  You can browse by folder or you can use the “Search” box.  To use the passwords, click on an entry and click on the username or password.  This copies that text to the clipboard.  You can then paste it wherever you would like.

Retrieving Passwords on your Android 

If you want to access passwords on your Android, you need to download the app for the cloud that you are using. In the case of Dropbox, you will download the Dropbox app from the app store and use your account information to sign in.  You will then need to download the app KeePass2Android from the app store.  Launch the newly downloaded app and click the “Open File” button.  You can browse to your password database file in your cloud and open it with your password.  You will then be able to search for the password that you want and copy/paste it any location.

Retrieving Passwords on your Chromebook

If you are using a Chromebook, there is a strong possibility that the cloud that you are utilizing is Google Drive.  Place your *.kdbx file in your Google Drive cloud and install the KeePass Chrome app.  Open your new app and select “Open File”.  Browse to your KeePass Database and enter the password.  KeePass Chrome will open the file and you can use the passwords as needed.