Due to the sensitive nature of data held about patients, the healthcare sector has become a prime target for cyber-attacks, suffering more regular incidences, and more severe, than any other market sector.
Cyber attacks range from the big businesses, which feature in the headline news, to much smaller businesses. Even the very small, family run dental practice could be a target.
This may come as a surprise to you. However, if your data is not well protected you could be an easy target for cyber criminals, who prey on unaware business owners that leave them a window of opportunity.
Even with the best protection, technology and software, it is still possible that your practice could suffer a cyber attack. Cyber criminals are sophisticated in their approach, and these days they know all the tricks to get what they want; money!
How liable are you for your patient’s data?
Of course, no practice would like to see their database of patient records get hacked and exposed. However, few truly understand the consequences of a cyber attack.
Two things could happen with the data after the criminals obtain it.
- Firstly, they could sell the data on the black market. This has a range of consequences for you as the practice owner.
- Secondly, they could ask you to pay a ransom for the safe return of the data, which comes with no guarantees, even if you settle the amount requested.
These criminals are so proficient in what they do, that a data hack can leave your business with redundant hardware and software, long-winded litigation and legal costs, statutory fines as well as possible compensation to pay your patients.
Is it ever worth the risk of not properly protecting your practice against this crime, which is often out of your control?
If your data is lost or stolen, your patient will have the right to claim compensation from you. That is the cost element; but also think about what implication this could have on the reputation of your business, and your brand.
Legal fees can also easily add up in these situations, depending on the severity of the attack.
Added onto the compensation and the loss of revenue, your practice could easily be out of pocket by tens of thousands of pounds.
Most practice insurance policies DON’T sufficiently cover Cyber crime
Another thing that many practice owners are not aware of, is that Practice Insurance doesn’t cover everything in the case of suffering a data breach.
The policy may cover the hardware element and cover some loss of earnings whilst you get back up and running again.
However, typically these policies do not offer full protection against all the costs that could be incurred.
Cyber Liability Insurance is vital in 2017
As we become fully embedded in the digital age, responsible business owners cannot ignore the importance of protecting the confidential and sensitive information held in their patient records.
Cyber Liability Insurance will offer your practice the cover it needs so you can feel reassured that your costs would be covered in the case that this nightmare turns into a reality.
Policies vary, but cover could include:
- Compensation awarded to your patients
- Your patient’s legal fees
- Statutory fines
- Data Corruption & Reinstatement Costs
- Liability Cover for Affected Third Parties – e.g. patients
- Cyber Financial crime
- Data – Breach Expenses
- Loss of Gross Revenue
All Med Pro can provide you with a quote so you can protect your practice in 2017 and beyond.
Author Tom chaston Company Director All Med Pro
Posted by Gemma