In today’s digital age, the security of your dental practice extends beyond the clinic’s physical walls and this October we will be fully focussing on cyber insurance. Cyber threats loom, and they can have severe implications for your patients and your practice. This is where cyber insurance steps in as a crucial shield, offering financial protection and peace of mind.
As a dentist, understanding and embracing cyber insurance is fundamental in safeguarding your practice against potential cyber risks.
In this straightforward guide, we’ll walk you through the essentials of cyber insurance, explaining its relevance and providing insights to help you make informed decisions to protect your dental practice.
Cyber threats in the dental industry
Dental practices are increasingly targeted by cyber threats such as ransomware and phishing. In 2020, The British Dental Association fell victim to a data breach whereby Dentists’ bank account numbers and correspondence with a trade body are feared to have been stolen by hackers.
One anonymous dentist commented on this attack, stating
“If the hackers have access to my business name, address and bank details, along with my own personal details, it could be enough to pull off a huge identity theft scam,” the dentist said.
“If that happens, I may not be able to pay my staff – and at a time when we have all been working so hard to keep the practice up and running for patients during Covid-19.” (Source BBC News – British Dental Association members targeted by hackers – BBC News)
Any company regardless of size, business turnover, or industry can fall victim to a cyber-attack, cybercriminals will want anyone’s personal information.
Understanding Cyber Insurance
What is usually included within a cyber insurance package?
First-Party Coverages:
Data Breach Response: Helps cover costs associated with managing and mitigating a breach, such as notifying affected individuals and providing credit monitoring.
Business Interruption: Protects against revenue loss and extra expenses incurred during downtime caused by a cyber incident.
Cyber Extortion: Covers expenses related to handling ransomware demands or cyber extortion attempts.
Third-Party Coverages:
Liability Protection: Shields against legal costs and damages resulting from lawsuits due to a cyber incident.
Privacy Liability: Covers costs related to violating privacy laws or failing to protect patient data.
Why cyber insurance matters for dentists
Your dental practice relies on technology and electronic records for efficient operations. Any disruption or compromise of this digital realm can have a significant impact on your business, reputation, and, most importantly, your patients’ trust.
Cyber insurance provides a financial safety net, ensuring that in the face of a cyber incident, you can recover swiftly, continue serving your patients, and uphold the integrity of your practice. Stay tuned to discover more about assessing cyber risks specific to dental practices in the next section.
Partnering with All Med Pro
At All Med Pro, we leverage our relationships with top insurers specialising in cyber insurance to ensure you have access to the best coverage options. Our team is dedicated to helping you make informed decisions, protecting your practice against evolving cyber threats while offering peace of mind. Reach out to us today to secure your digital future and safeguard your dental practice.
The Case Studies
Here are some examples of dental practices benefiting from cyber insurance that we can offer.
- The Insured, a small dental practice retained a managed services provider (MSP) for all their systems. In this instance, the MSP was hit with ransomware which spread from the MSP systems to the Insureds’ systems and locked out this Insured for approx. two (2) weeks from their own systems. This specific Insured was able to restore their system via its backups and utilised the breach response service provided by the insurance cover on the matter. There was no exfiltration of the information, but the Insured submitted a dependent business interruption claim. The total amount spent on the matter was around £40,000.
- The Insured, a medium sized dental practice retained a managed services provider (MSP) for all their systems. In this instance, the MSP was hit with ransomware which spread from the MSP systems to the Insureds’ systems and locked out this Insured for approx. four (4) days from their own systems. This Insured was able to restore their system via its backups and utilised the breach response service provided by the insurance provider. There was no exfiltration of the information, but the Insured submitted a dependent business interruption claim. The total amount of the loss was £20,000
We’ll wait for you to secure your cyber insurance, but cyber criminals won’t. Book your consultation now and take the first step towards securing safe cyber insurance for your dental practice and its dedicated employees.
Get in touch with our expert lead team today by booking a FREE consultation call: All Med Pro (office365.com). Alternatively drop us an email on [email protected] or call us on 0203 757 6950.