Whether a laptop is stolen or your network is hacked, cyber threats are increasing at a phenomenal rate – and so are the costs associated with dealing with a breach of your clinic and practice. Physicians Insurance offers new and expanded coverage to protect you and your patients against this increased risk.
What is at Risk?
It’s possible you’ve already been hacked. Many of the breaches we learn about in the news today are from networks that were hacked months, if not years, earlier. It takes time to discover these breaches, and even more time to estimate the damage. According to the Office of Civil Rights at HHS – where all breaches involving protected health information need to be reported – by the end of Q2 2014, there were more than 99 breaches reported to the OCR involving more than 6 million patient records – and these are just the breaches that exceeded the 500 records threshold.
The Cost of a Breach
According to a study of cyber claim payouts by NetDiligence®, in 2013 the health care sector accounted for the highest percentage of claims with typical causes being lost/stolen computers, hacking, and rogue employees. Given the type of information you’re collecting on patients, it’s no wonder that health care practices are in the top cost category for data breaches.
According to the Ponemon Institute in their annual benchmark study on patient privacy and data security, in 2013:
- The average cost of a lost or stolen record was $188 (some estimates have it as high as $233 per health care record)
- The average number of lost or stolen records was 2,150.
Added to these first-party costs are regulatory fines and penalties ranging from $25,000 to $1.5 million for cases of “willful neglect” and damage to the reputation of your practice. In essence, a breach can be devastating.
Cyber Liability Insurance
Physicians Insurance offers an industry-leading cyber liability program with comprehensive coverage ($50,000 per incident and aggregate) with no deductible. As an endorsement to your medical professional liability policy, this coverage includes:
- Multimedia Insurance
- Privacy Liability
- Security Liability
- Regulatory Defense and Penalties Coverage
- Breach Response Cost, Patient Notification, and Patient Support
- Network Asset Protection
- Cyber Extortion Coverage
- Cyber Terrorism Coverage
- Third-Party Breach Coverage
- PR Services Coverage
Additional Resources and Services
To ensure members protect themselves against a breach, we also provide access to a host of online tools and resources, including:
- 60+ HIPAA tools, resources, and guides
- Risk management phone consulting
- Staff training and practice assessments
Special Resources for Members
A Cyber Center filled with useful and practical tools and information is available to all insureds, at no additional cost, to help health care professionals manage today’s challenging electronic records and privacy landscape. Available members-only resources include:
- Tools for enhancing privacy and data security practices
- ID theft prevention information
- Incident response planning
- Breach notification requirements
- and more...