Cyber Liability for Design Professionals
It really isn’t a matter of if you have a cyber incident it is when. Cyber criminal activity is becoming more and more prevalent. From criminals tricking you into paying false invoices, to liability arising from lost data, to income loss during business interruption following a cyber attack—your firm is at risk. This doesn’t just happen to the larger firms but to the smaller firms as well.
Recently a Design Professional’s emails were hacked. The cyber criminal found an email that the insured received from their client notifying them that they were going to be paying via ACH. The Design Professional had given them instructions on how to pay. The hacker intervened the email and put their banking information and received the funds to their bank account. The client received a successful transfer notice and thought everything was okay. They lost $80,000. Now the design professional is liable for allowing their system to be hacked. The Design Professional only had limited coverage on their Business Owners policy.
You have many different options to protect yourself for cyber attacks. You can increase the coverage on your business owners policy, professional liability policy or get a stand alone cyber liability policy.