Cyber

Do you or your practice...

  • Use email?

  • Have an EMR system?

  • Do telemed?

  • Store patients’ or employees’ personally identifiable information?

  • Store credit card information?

  • Access work information remotely?

  • Take work issued laptops and/or cell phones out of the office?

We can almost guarantee that the answer to one, if not all those questions, is yes. This means that you need cyber liability insurance.

Healthcare practices are entrusted with some of the most desirable data (e.g., social security numbers, before/after photos of patients, credit card information, etc.) making them a prime target for cyber attacks.

But cyber liability coverage isn’t just for large healthcare systems.

Lost backups, stolen laptops, data breaches, computer system failures, and email phishing schemes are just some of the many ways your data could be compromised.

Recovery costs can be staggering, but cyber insurance protects you when you need it most – letting you focus on your patients.

FAQ

  • Compared to medical malpractice insurance, cyber liability coverage is much less costly. There are many factors that go into premium pricing, but we often see cyber liability insurance go for a few hundred dollars up to about $2,500 annually for a small practice.

  • Shopping for med mal insurance can take weeks, but cyber insurance can take only a business day or two to get in place. To obtain quotes, we need answers to a handful of questions such as anticipated revenue, number of patient records, past cyber events, and security measures. It’s a fast process.

  • Some medical malpractice insurance policies toss in free cyber sublimits, but our recommendation is to always obtain a separate cyber liability insurance policy. The reason being that small sublimits can quickly be exhausted if you experience a true cyber event, and the freebies included your med mal insurance more than likely won’t be enough to cover those costs.

    We also strongly believe that a separate policy is ideal so you have quick access to true cyber experts should an event occur. You don’t want to depend on an insurance company who doesn’t focus on cyber when you’re experiencing an incident. With your stand-alone cyber liability coverage, you’re paying to access expert crisis and risk managers who specialize in this field when you need it most. Their guidance can help save precious time and money.