Any office that uses technology to do business is facing some form of cyber risk. Business owners are facing more threats as technology becomes more complex and sophisticated. Every business needs to be prepared with cyber liability insurance. At PFSI, we understand the concerns of these threats and we have solutions from many carriers available to protect your assets.
On average across all industries a data breach costs about $141 per record. A data breach in healthcare is about 2.5 times more expensive than any other industry. The average cost of a healthcare data breach is $400 for each record. Healthcare data is extremely valuable because it contains social security numbers, addresses, billing information and medical information. This risk should not be taken lightly and could cost your practice millions of dollars.
Some carriers include cyber liability coverage in their malpractice policies: OMSNIC, The Doctors Company, PSIC, and others. This is obviously better than having no coverage. However, the included coverage has low limits and may be inadequate: $100k, $50k, $50k, respectfully. At $400 per record, $100k limits just don’t go very far—only 250 records. How many patient records do you have in your practice?
PFSI offers a $1,000,000 standalone policy for $480 per year, per doctor, for practices with 1 to 4 doctors. And with more than 4 doctors we have group policies at a much lower cost per doctor with broader coverages available. Also, with standalone data breach policies, you receive a vast amount of Risk Management services—documents, procedures, best practices recommendations, etc.—to mitigate the data breach risk for your practice.
*Not all programs are available in all states.More Information on Cyber Program Cyber Liability Application