Most businesses, including hospitals and clinics, use a computer network in some way. Network use is an extremely critical part of today's business operations. Should that cyber network become compromised, your business could suffer as a result.
Healthcare practices must protect themselves from liability risks associated with data protection. Cyber insurance can help you protect your business and clients in the event of a network intrusion or data theft.
What is Cyber Insurance?
Cyber insurance means to protect businesses that use networks to store information. Most people associate these policies with providing coverage in cases of data breaches.
Your practice might use a network to store patient records and financial information. Once inside a network, the data faces a relatively insecure environment. Cyber threats are always present. Cyber thieves routinely invent new ways to target data. There is always a chance that a data breach could cause you to lose control of this data.
Cyber insurance policies can often cover costs associated with:
- Cyber theft, from sources like hackers, viruses or malware
- Unintentional or accidental loss or destruction of data
- Ransomware, cyber extortion or cyber-terrorism threats
- Disclosure of sensitive data
- Interruptions to your business caused by a cyber attack.
Most general commercial liability policies won’t cover cyber liability risks. Investing in a cyber insurance policy can help expand protection to scenarios where the business unintentionally exposes or destroys sensitive data.
Why do I need Cyber Liability Insurance?
Sometimes, data losses come from malicious sources, like viruses, hacks or malware. In other scenarios, simple accidents lead to the loss of data.
Contact us to discuss the extent to which you are already covered for these risks by your existing insurances, and what additional protection can be provided by Cyber Insurance.
For more information, please contact the following or visit our Resource Centre.