As the conversion of paper files to electronic formats continue, a greater amount of risk is assumed in complying with new legal or regulatory requirements. These risks may result in data security breaches and even damage to your reputation. It's happening every single day.
In 2015 alone, the Office of Civil Rights published information which showed more than 30,000 individuals in Michigan were affected by a security breach. Furthermore, there were several health care organizations that had some kind of security breach.
The cost of a data security breach and the reputational damage to your practice after a breach occurs may be devastating. To protect you and your patients, a well-designed insurance policy may include:
- First party coverage for breach related expenses;
- Third party liability for financial loss, mental anguish, mental distress and any breach related claims;
- Full limit coverage for notification, credit monitoring and computer forensic expertise; and,
- Coverage available for business interruption, lost income and restoration of data post breach.
To protect yourself and your patients against a security breach, get a quote from MSMS Physicians Insurance Agency and learn more about cyber liability coverage at www.msmsinsurance.org.