Understanding First-Party and Third-Party Cyber Exposures

With cyber-security threats coming from all directions, it’s important for CPA firms and their staff to be aware of how the risk exposures impact the firm as well as the client. Just as important is understanding how, when there’s a claim, cyber insurance coverages work with the firm and the client, as well as with the legal and technical experts, to produce the best possible outcomes for your firm.

Cyber exposures and coverages are basically divided along two lines:
  • First-party, which refers to losses directly borne by the policyholder (or insured) firm, and

How to respond to subpoenas

CPAs in receipt of a subpoena should consider the information in the client files, the recent communications with the client or any parties involved, and then contact their professional liability risk adviser or attorney before responding to the subpoena. CAMICO provides this consultation for our policyholders.

The following Q&A focuses on understanding the nature of subpoenas and how CPA firms can minimize their professional liability exposures when responding to them.

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