Protect your practice this year
This month, Tom from All Med Pro, specialist Insurance company for Doctors and Dentists, explains why it is essential to consider if you are sufficiently covered for Cyber crime as part of your Practice Insurance. With more Cyber crime cases in healthcare than any other sector, it is wise to take note.
The views expressed in this article are specifically those of All Med Pro Insurance.
This does not constitute advice and advice should be sought in all instances before acting on it.
Rise in Cyber crime in healthcare sector
There has been a recent rise in the number of cases, as well as the seriousness of cases, of Cyber crime in the healthcare sector.
Sensitive patient data is profitable for Cyber criminals as they know they can either sell it on the black market, or command a ransom from you as the practice owner, to not make the breach public.
Some severe cases of Cyber crime clearly make the headline news. However, other much smaller healthcare practices are also under attack, therefore, essentially everyone is at risk.
Protecting your business in the event of a Cyber attack on your patient’s data is now essential.
The real consequences of Cyber crime for a practice owner
If a criminal gets their hands on your patient data, the consequences can be significant.
Firstly, your patients suffer a breach of confidentially and may be entitled to compensation, which can cost you thousands of pounds.
Also, the attack may leave your business with redundant hardware and software, hefty legal costs to rectify the issue, as well as a loss of revenue from your time in dealing with everything necessary.
Often all of these will apply.
Then there is also the damage that a Cyber attack can do to the reputation of your business.
Are you suitably insured?
Most practice owners think that they are insured under their Practice Insurance for Cyber crime, but often the cover isn’t sufficient and won’t cover a full range of Cyber crime situations, or will only cover certain costs.
In the digital world we all have to work within, it is now essential to ensure you are not only doing what you can to prevent Cyber attacks, such as installing protection software, but also protecting your own financial position should the worst situation arise.
Look for Cyber Insurance with:
- Compensation payments to your patients
- Your patient’s legal fees
- Statutory fines paid
- Hardware replacement costs
- Data Corruption & Reinstatement Costs
- Liability Cover for Affected Third Parties – e.g. patients
- Cyber Financial crime
- Data – Breach Expenses
- Loss of Gross Revenue
Don’t wait until it is too late as this issue could be on your doorstep before you know it.
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