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:

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

Nadic has negotiate market-leading cover with Australian insurers, underwritten by Lloyds of London, to provide clients with the greatest protection. Cyber insurance can include:

Check Icon Privacy protection and privacy liability for damages and claims expenses.
Check Icon Privacy regulatory defence, penalties and fines.
Check Icon Expenses to notify customers.
Check Icon Forensic costs.
Check Icon PR expenses for reputation management.
Check Icon Credit monitoring for victims.
Check Icon Multimedia liability from email or website content.
Check Icon Loss of digital assets including non-physical business interruption costs to restore data.
Check Icon Indemnification for loss of revenue.
Check Icon Costs to investigate and pay extortion demands.
Check Icon Cyber terrorism coverage (case by case).
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. Contact Us Today!