Cyber Liability Insurance

Most businesses, including dental offices, 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, a business could suffer as a result.

Dental practices must protect themselves from liability risks associated with a cyber network. Cyber liability insurance can help you protect your business and clients in the event of a data crisis. Let our agency help you get the right cyber liability policy.

What is Cyber Liability Insurance?

Cyber liability 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.

What does Cyber Liability Insurance Cover?

Most general commercial liability policies won’t cover cyber liability risks. Investing in a cyber liability policy can help expand protection to scenarios where the business unintentionally exposes or destroys sensitive data.

Cyber liability policies can often cover costs associated with:

• Unintentional or accidental loss or destruction of data
• Cyber theft, from sources like hackers, viruses or malware
• Ransomware, cyber extortion or cyber-terrorism threats
• Disclosure of 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.

In either case, the loss or exposure of data could spell trouble for patients and the practice. Should a hazard compromise data, the effects could reach further than your business. A patient’s privacy could be on the line. No responsible practice owner should disregard cyber threats.

Following such an event, your practice must rectify the situation expediently. Doing so will help minimize problems that might arise following a network crisis. Cyber liability insurance could cover:

• Data recovery and restoration services
• Crisis management, regulator and patient notification expenses
• Identity and credit monitoring for the business and affected patients
• Business interruption costs
• Defense or litigation costs if the business faces a legal claim because of the breach

It is always best to take steps to prevent data breaches. While some data breaches are accidental, you can institute security practices to reduce the risk. Securing your data using encryption and backup services is one way to reduce your risks. Another protective measure is to train your staff in the proper ways to access and protect data.

Get Started Today

We will evaluate your business to determine its unique insurance needs and find you the cyber liability policy with the necessary coverage. Call Dentistry Planning Partners at (615) 866-2728 if you have questions or want to get started.