With the growing number of cyber threats nowadays, one of the most popular additions to insurance policies has been Cyber Liability Coverage. There is always a possibility of your network systems being hacked or one of your laptops being stolen, and these things may cost you a lot. Being a physician always comes with risks, and dealing with a breach of your clinic and practice may be a part of it.
What’s at stake?
Breaches aren’t discovered immediately—it usually takes time to figure it out and estimate its damages. It’s possible that your system has already been hacked, which is why it is best to address certain precautions. More than a hundred breaches were reported to the Office of Civil Rights by the end of 2014, which comprised of more than 6 million patient records. These breaches can cause a great deal of trouble for you and your clients.
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What’s the cost of a breach?
Information on patient’s profiles is valuable, putting health care practices on the top cost category for data breaches. According to some studies, the healthcare sector accounted for the largest percentage of breaches due to stolen computers, hacking, and rogue employees. A study on patient privacy and data security showed the average cost of a lost or stolen record was $188 and the average number of lost or stolen record was 2,150. Additionally, fines and penalties are charged for “wilful neglect” and damage of practice. This just proves the catastrophic effects a breach can bring about.
What is Cyber Liability Insurance?
This insurance serves as a safety measure for cyber liability, as an additional endorsement to your medical professional liability policy. The comprehensive coverage includes:
- Network Asset Protection
- Cyber Extortion Coverage
- Cyber Terrorism Coverage
- Multimedia Insurance
- Privacy Liability
- Security Liability
- Third-Party Breach Coverage
- PR Services Coverage
- Regulatory Defense and Penalties Coverage
- Breach Response Cost, Patient Notification, and Patient Support
What more can you do?
There are additional services and resources to secure your system against a breach. Additionally, access to online tools can be provided such as the following:
- Risk management phone consulting
- 60+ HIPAA tools, resources, and guides
- Staff training and practice assessments
Do you have other needs?
The cost of stolen, hacked, or lost records has rocketed and without insurance, your practice as a physician could be at risk once your system is breached. If you want to know more about this insurance and have other needs aside from what is included in the Physicians Insurance policy, an insurance advisor would be glad to be of service to you.
At Professional Insurance Plans, we hope these tips help you run a safe operation. Your patients should be able to trust your services. Let us guide you through this process so you may find peace of mind. For your questions and insurance needs, you may reach us at (859) 543-8955 or visit our office today.