Cyber Insurance – Reality vs Myth

Cyber attacks and data breaches are becoming more and more frequent. Criminals are getting smarter, and with technology advancing constantly it’s easy to fall prey to their tricks. If it happens to you, the costs could put your practice at a standstill – if you don’t have the right insurance.


The realities of Cyber cover

Cyber insurance should be a crucial part of your dental or medical insurance portfolio. There are a few common misconceptions about Cyber insurance and why small to medium practices need the safety nets that this type of insurance can provide.


Myth: I don’t need Cyber insurance, the risk to my business is minimal

Reality: You may think that the cost of Cyber insurance isn’t worth the expense for the low possibility of your business being targeted. Unfortunately, it’s more common for small to medium-sized business to be targeted by cyber criminals. Being a small practice doesn’t exclude you from the risk, especially if you store patient or employee data.

31% of micro/small businesses identified cyber security breaches or attacks in the last 12 months (gov.uk).


Myth: My staff are trained well and I have strong IT software

Reality: With technology evolving it’s getting harder to protect your patient records, to prevent a data breach or a cyber attack. It’s not only wearable technology you need to keep abreast of, your staff need to abide by strict data protection policies and be up to date on cyber security training. It’s all too easy for employees to slip up and respond to a phishing email, or to misplace patient data.

77% of small businesses believe the staff dealing with their cyber security have the necessary skills and knowledge. However, only 26% sent staff on cyber security training or conferences in 2019 (gov.uk).


Myth: My small business won’t entice Cyber criminals

Reality: Data breaches are happening every day to small, medium and large businesses. It’s more common to hear about the larger corporations falling victim to data hacking, but it’s the smaller businesses that take a bigger hit.

Losing patients and forking out lawsuit costs can be detrimental to your practice, not least because it can hugely impact your reputation and would take a vast amount of money and time to build back up again.


Myth: I have business insurance so I’m already covered

Reality: Whilst you may be covered for data loss and business interruption, a general business insurance is unlikely to cover the full extent of damage a Cyber attack can cause, including that of both the first and third parties involved in a claim.

Check through your policies to remind yourself what you are and are not already covered for in relation to Cyber crime. Every policy has exclusions and the last thing your practice needs is a claim to fall through when you most need the cover.


Your next steps for protecting your practice

Don’t leave your practice or patients vulnerable. Talk to us about Cyber Liability insurance, we can advise you on the best type of cyber insurance you need for your practice should the unexpected happen. All Med Pro can help answer any queries you may have.


 

For peace of mind that you and your business reputation are protected, contact All Med Pro for all your insurance needs.

Share this post: