Cyber insurance is vital for the wellbeing of your patient records

Did you know… Following a breach, companies may be expected to pay for credit monitoring for patients; security industry experts estimate this can cost up to $200 per record. For a general practice with 1000 patient records,  the cost quickly adds up.

Doctor’s surgeries and pharmacies are attractive targets to hackers given many practices now store sensitive patient data in digital  records online. Cyber criminals may attempt to damage your organisation’s reputation by exposing or threatening to expose private data or by holding it to ransom.

The sensitive nature of patient data means even practices that use traditional, printed patient files are at risk; portable storage devices, smartphones, and employee error can create exposures for organisations.

Any of these types of attacks can have a grave impact on a medical organisation. Compromised patients need to be consulted, the breached data needs to be rectified and the organisation’s reputation needs to be stored;  all potentially expensive and lengthy processes. Nadic has its finger on the pulse when it comes to cyber insurance; through our knowledge and experience, we can help to cover your organisation against these risks.

Protection for digital patient records

With even with the most technologically-advanced systems and the most robust risk management program, it is impossible to achieve 100% prevention against cyber crime. That’s why “cyber liability” coverage can be important.  Key coverage areas are:

  • Investigation expenses—forensic investigation to determine if a breach has occurred and its extent,
  • Notification and credit monitoring—to cover the expenses associated with customer notification and credit monitoring,
  • Legal liability—coverage for defence and indemnification against civil suits and class actions,
  • Public relations expenses—coverage for reputation management costs,
  • Cyber extortion—reimbursement for expenses incurred in responding to a credible threat, and
  • Regulatory actions—typically a sublimit for covering defence of fines and penalties associated with regulatory actions.

Contact us today for an obligation-free quote

Given the risks posed to an organisation by cyber crime, it’s worth investigating the benefits and costs of a cyber insurance policy – it’s quick, easy and no cost to you. Call us today on 02 4950 3500 or email us on hello@nadic.com.au.

Download the product brochure here.