Cyber Liability and Data Insurance
Protect your organisation's data, digital assets and reputation with Cyber Liability and Data Insurance.
Request a Quote
Takes less than 2 minutes. No obligation.
Thank you — request received
Our team will be in touch shortly.
Need to speak to us sooner? 01438 730210
Cyber Crime
IT systems and the internet are an important part of running a modern business. But could your organisation cope with the consequences of cybercrime or an IT systems failure? Healthcare practices and other businesses increasingly rely on online tools, including websites, social media, payment systems and email communications. While these technologies offer convenience and efficiency, they also create potential security risks. Using online services means depending on multiple providers to maintain their systems, keep services operating and protect against cyber threats.
The Risks
Healthcare organisations are particular targets for cybercriminals because of the sensitive personal and medical information they hold. According to the IBM 2016 Cyber Security Intelligence Index referenced on MIAB’s existing pages, more than 100 million healthcare records were compromised in 2015.
The WannaCry ransomware attack in May 2017 demonstrated the potential consequences of a cyber incident. NHS trusts and GP practices were among those affected, with some hospitals cancelling operations and experiencing difficulties accessing and sharing patient information. Cyber risks are not limited to deliberate attacks. Confidential information can also be compromised through accidental disclosure, misplaced paperwork, stolen devices and employee mistakes.
Information Commissioner’s Office figures referenced on MIAB’s GP insurance page recorded 3,557 personal data breaches across the healthcare sector. That page also reported 866 incidents between April 2019 and March 2021 where personal information was sent to the wrong recipient by email or post. The 2015 Information Security Breaches Survey, referenced on the other MIAB pages, reported that 74% of small businesses and 90% of large organisations had experienced a cyber security breach. The estimated average financial impact cited in that survey ranged from £75,000 to £311,000 for small businesses and £1.46 million to £3.14 million for larger organisations. These historical figures included disruption to business activities, lost sales, asset recovery expenses, fines and compensation.
Email Fraud – Protecting Your Business
Email fraud is another significant risk highlighted across the existing MIAB pages.
Impersonation and deception scams, malicious software and unauthorised access to information were identified as contributors to financial fraud in research from Financial Fraud Action UK relating to 2015. The existing MIAB content also refers to practical advice on protecting businesses against email fraud, including guidance prepared by MIAB’s claims support team.
Who Needs Cyber Liability and Data Insurance?
Cyber Liability and Data Insurance may be relevant to healthcare organisations and businesses that depend on IT systems and store or process sensitive information.
This includes GP practices, GP federations, dental practices, opticians, pharmacists and other healthcare businesses. Organisations should consider their exposure to losses involving IT systems, networks and information, particularly where they: The existing MIAB content also refers to practical advice on protecting businesses against email fraud, including guidance prepared by MIAB’s claims support team.
- Store confidential patient or customer information, including medical records, contact details and financial information.
- Depend on computers, networks, websites or other digital systems for their daily operations.
- Handle or process payment card information.
Assessing Your Cyber Risks
When reviewing your organisation's IT systems and security arrangements, there are several important questions to consider:
Considering these questions can help identify the cyber risks your practice or business may face.
- Are patient records stored electronically on computers connected to your network?
- How secure is your website, particularly if it provides patients with online access or check-in facilities?
- Do you understand where your organisation’s IT security may be vulnerable, and when was your network last assessed through penetration testing?
- If a data breach occurred, how would you respond to patient concerns, reputational damage and potential compensation claims?
Find Out More
If you would like to discuss the cyber risks affecting your practice or organisation, contact MIAB to find out how Cyber Liability and Data Insurance could help.
Our team can discuss your circumstances and the available insurance options during a confidential, no-obligation conversation.
Contact MIAB to request a quote or find out more about Cyber Liability and Data Insurance.
Why choose MIAB?
Sector specialists
Advisers who understand healthcare practices, not generic commercial brokers.
Named support
You deal with people who know your practice — not an anonymous call centre.
Plain English advice
We explain options clearly so you can make confident decisions.
A Benefact Group Company
We give all our available profits to good causes, helping support charities and communities.
Common questions
Is cyber cover included in practice insurance?
Not usually to a meaningful level. Dedicated cyber liability and data insurance is strongly recommended for healthcare practices and organisations.
Get Your Free Quote
Takes less than 2 minutes. No obligation.