All healthcare industry businesses are subject to more cyber-attacks every year. They can take a variety of forms, from malware that might capture sensitive credentials from your staff members to ransomware that locks up your computers unless you pay the ransom that the criminal requires. Dentists need a better way to protect themselves against the potential financial ramifications of a breach or hack, and cyber liability insurance is a great solution.
What Is Cyber Liability Insurance?
Cyber liability insurance is a type of insurance coverage that protects businesses, including dental practices, with coverage that guards you against the financial consequences of cyber security issues including data breaches. Depending on the details of your policy, it can cover anything from lost revenue due to a cyber-attack to the costs associated with contacting patients to inform them of the breach. The coverage may include things like:
- Litigation costs
- Business interruption
- Forensic investigation
- Crisis management costs
- Regulatory defense expenses and/or fines
- And more!
Think carefully about what is best for your needs when choosing a policy.
Do Dental Practices Really Need Cyber Liability Insurance?
Absolutely. You might not realize that you need cyber liability insurance now. Unfortunately, many offices never realize how useful it could be until it’s too late and they are in a crisis. 50-70% of the connected devices in the average dental office are vulnerable to security issues. Even if you secure things like your computers, all of the cell phones that your employees are using on your WiFi network could be entrances to your network.
Research shows that the average cost per patient compromised in a data breach of health information is $400. Can you afford to pay $400 for each of your patients and the damage to your reputation? Additionally, most general business insurance will not cover costs related to cybercrime, making a separate policy critical for your protection.
Are There Any Things Not Covered By Cyber Liability Insurance?
Just like your homeowners insurance policy won’t necessarily cover flood damage, there are some things that your cyber liability insurance policy will not cover. Some of the other types of business insurance that you may need to explore include:
- Employment practices liability insurance, which can protect you against employee claims of discrimination, wrongful termination, or harassment
- General liability insurance
- Commercial property insurance, which can guard the physically owned or rented space of your business and your dental equipment
- Professional liability insurance
Make Your Business Protected with APEX Reimbursement Specialists
Whether you’re interested in revenue optimization or looking for other services to boost your business, APEX Reimbursement Specialists is here to help. Contact our team today by calling (410) 710-6005. We look forward to working with you to make your practice a more profitable place.