SRA consults on cyber loss cover

The Solicitors Regulation Authority (SRA) is consulting on the inclusion of a cyber loss cover clause in the minimum terms and conditions (MTC) of law firms’ professional indemnity insurance (PII). The proposed change would clarify that PII must cover client losses caused by cyber attack. Cybercrime accounted for £2.5m of reported losses to firms in the first half of 2020. SRA chief executive Paul Philip is seeking views on the proposal from firms and individuals. The consultation closes on 24 May.