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Why Cyber Insurance Is Vital for 2017

Why Cyber Insurance Is Vital for 2017

 

 

It may come as a shock to you to understand that the healthcare sector is the primary target sector for Cyber attacks. With sensitive information on patient's medical history and general health, Cyber criminals know that if they obtain this type of data then it will be highly profitable for them. 

Attacks of this nature in the healthcare industry are becoming more regular, and more severe, than any other market sector.

We all hear about Cyber attacks of the largest scale when the make the headline news, however, even small, family run businesses are at risk. These proficient hackers are not selective about who they target as such; if there is an opportunity on any scale, they are likely going to take it.

If you have protection technology and software then it's a starting point, although don't think that this will be enough to protect your practice data and systems. 

It is now essential that you also protect your practice and business, financially, if something on this nature does occur. 

What are the true consequences of a Cyber attack?

If criminals obtain your patient data, there are a couple of things they may do with the data. 

Firstly, they can sell the data on the black market, which means your patients suffer a breach of confidentially, 

Or, secondly, they may request a ransom for keeping the data confidential, which means your business needs to honour their demands at great expense. 

Cyber attacks often result in the following for practice owners:

1. Redundant hardware and software, which needs to be replaced

2. Hefty litigation and legal costs in dealing with the matter in hand

3. Compensation requests from your patients, for the breach

4. Loss of revenue, whilst you get back up and running

5. Often it is combination of all the above

This is the cost element, but also there could be a direct impact on the reputation of your practice. 

After all, bad news spreads fast and it could certainly deter existing patients and new patients from choosing you over one of your competitors. 

Does your Practice Insurance sufficiently cover you? 

So you may be thinking that your Practice Liability Insurance covers you against such crimes. Here, it is essential to read the Terms & Conditions in detail, as most policies only offer an introductory level of cover. 

Specific Cyber Liability Insurance covers your practice, comprehensively, in the event that this nightmare materialises. 

 

Cyber Insurance policies vary, however many include:

·         Compensation payments to your patients

·         Your patient’s legal fees

·         Statutory fines

·         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

 

As we are now part of a very digital working environment, it is your responsibility as a business owner to protect the data you hold in the form of patient records. 

In 2017, it is essential to not turn a blind eye, or be ignorant to what could happen, hoping that it won't happen to you.

For further information please get in touch with All Med Pro - 0203 757 6950 - www.allmedpro.co.uk

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