Cyber Liability
With the average cost to repair damage from a lost or stolen patient health record being $240 per record, practices cannot afford to forego this coverage.
Not If, But When
From lost or stolen mobile devices, to rogue employees accessing files, or
outdated IT security resulting in a cyber-attack, data breaches can be costly and time-consuming.
In 2015, the FBI issued warnings that the healthcare sector is the most targeted industry for cyber-attacks and data breaches.
Professional Risk can help you obtain data security and privacy breach insurance, tailored for the unique needs of healthcare businesses.
How Are You at Risk?
Coverage Components
Patient notification & credit monitoring costs
Legal counsel & forensic expert services
Business interruption
Regulatory fines & penalties
Cyber terrorism & cyber extortion
Data recovery costs
Public relations & advertising support
Call center and website support
Bodily injury coverage
Business interruption and cyberextortion coverage
Protecting Your Practice
Evaluate Technology and Data Security Practices -
Enhance safeguards to limit unnecessary or inappropriate access to and disclosure of protect health information
Limit Access to Privileges -
Access from workstations and programs should be limited to the appropriate level for healthcare professionals and be monitored and controlled to prevent unauthorized access
Create HIPAA Compliant Contracts -
For business associates who create, receive, maintain or transmit electronic protected health information. Medical billing services, hardware and software vendors, external consultants, and lawyers should all be considered business associates
Routine Evaluations -
Ensuring the practice is compliant with HIPAA and their practice procedures/processes to help catch problems early on
Have a Worst-Case Scenario Plan -
Outline who should be contacted and establish a timeline of informing patients of a breach
Purchase Additional Insurance -
Having additional insurance not only puts your mind at ease, it can assist in responding to the breach in a timely manner with the appropriate professionals. Most standard malpractice insurance carriers have basic limits of liability to respond to a data breach but these may not be sufficient coverage in the event of a breach.
Interested in learning more?
Visit NAS Insurance or Beazley Breach Response to stay informed on the latest in Cyber Insurance and the risks your practice could face.