Universal Cyber Coverage Program Update
Universal Cyber Coverage Program Update
Goal of enhancing coverage for all ALIA Subscribers results in change in insurer
ALIA is pleased to announce further details on enhancements to the Universal Cyber Coverage Program that will commence on July 1, 2024. As previously announced, the premium payable remains the same as last year at $265 per Subscriber but with increased coverage.
The enhancements include new coverage for data recovery costs and improvements to first party financial limits, including for breach response. The enhancements also come with a change of insurers from Zurich Insurance Company Ltd. (“Zurich”) to Beazley Canada Limited (“Beazley”), a global carrier and one of the top cyber risk insurers in Canada.
The new cyber policy (the “Beazley Policy”) is replacing the cyber policy currently provided by Zurich (the “Zurich Policy”), which commenced on December 31, 2022, and expires at 12:01 a.m. on July 1, 2024. As previously reported, ALIA’s board of directors approved the one-time use of approximately $1 million from surplus capital to pay every Subscriber’s Universal Cyber Coverage Premium from January 1, 2024, to June 30, 2024. Subscribers do not have to take any action for the switch in coverage to take place on July 1, 2024; however, they are asked to kindly report any cyber claims they and/or their firms are aware of before that date as soon as possible under the Zurich Policy. (Note: Any claims made from and after 12:01 a.m. on July 1, 2024, will be covered under the Beazley Policy.)
Please promptly report any cyber claims
Claims of which Subscribers and/or their law firms become aware before 12:01 a.m. on July 1, 2024, must be reported ASAP under the Zurich Policy, which commenced on December 31, 2022, and expires at 12:01 a.m. on July 1, 2024.
Cyber Coverage Certificates and information about how to report a claim are available in the Law Society of Alberta’s Lawyer Portal. If Subscribers are uncertain as to which policy to report matters under, they can reach out to ALIAcyber@aon.ca with a request for additional support.
Visit Lawyer PortalAlthough there were no concerns with the service provided by Zurich, ALIA works to ensure that its Subscribers continue to receive the best value for their premiums/levies, and the increased coverage provided by Beazley merited the switch in insurers.
While the insurer is changing, the Universal Cyber Coverage Program continues to be provided by a global insurer and administered by ALIA. As Beazley agreed to accept all Subscribers into the program without requiring an onerous application process, all Subscribers and their firms will continue to have cyber coverage with the new enhancements and improved limits, with no additional costs to Subscribers.
New policy documents available soon in the Lawyer Portal
A detailed summary of the changes, as well as a copy of the Beazley Policy and new Cyber Coverage Certificate, will be available shortly after June 30, 2024, in the Law Society of Alberta’s Lawyer Portal. Cyber policy information is stored in the Lawyer Portal to protect it from cybercriminals who search for this information. ALIA will also post revised FAQs and further information about the program on its website at that time.
The Universal Cyber Coverage Program is designed to protect Subscribers, their law firms and, by extension, their clients by providing quick access to critical resources needed to respond to cyberattacks. It covers claims for data and security breaches, as well as regulatory proceedings brought against Subscribers and their firms. An important coverage enhancement under the Beazley policy is that Subscribers and their firms will have coverage for data recovery costs. Subscribers will also have access to Beazley’s cyber claims expertise, as claims are directly reported to and handled by them.
Cyber hygiene is key
Subscribers play an essential role in the continuing success of the Universal Cyber Coverage Program by ensuring they practice good “cyber hygiene” to reduce or eliminate cyberattacks. Practicing cyber hygiene includes implementing network security controls to improve online security to mitigate cyber breaches and conducting cyber security awareness training.
Stay tuned for upcoming seminars ALIA will be hosting with experts from ALIA’s broker, Aon Reed Stenhouse Inc., and Beazley that will include information on the enhanced coverage and education on “cyber hygiene”.
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