What is Cyber Liability Insurance?

When you live in a digital world, where anything and everything is available online, there are many things that can go wrong. In the medical field, something going wrong can be incredibly damaging both to you and your patients. This is why it is important to have doctor’s malpractice insurance that includes cyber liability. What does cyber liability insurance do, exactly?

 

Provide Financial Security

 

Cyber liability insurance provides monetary support in the event of an information breach. This helps to pay for physicians to send out patient notifications and for credit monitoring. It can also be used to fund forensics in order to determine the origin of the breach. All of this adds up to making sure that patients and doctors alike are covered in the event of a breach.

 

Help Protect Information

 

In the digital age, it’s not enough to simply put things in digital files and hope nothing goes wrong. There are many different ways for information to be intercepted online. Patient records can be intercepted and the possibility of medical identity theft is real and prevalent. In 2013, more than 1.8 million fell prey to medical identity theft in the U.S. alone. Having cyber liability insurance can cover you should this happen.

 

Cyber liability is an excellent addition to doctor’s malpractice insurance. With this type of insurance, you can be sure that, in the event of a security issue, a practice will be able to cover the costs of informing patients and finding the leak.

This post was written by , posted on July 27, 2014 Sunday at 6:30 pm

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