Going forward, businesses owners and healthcare leaders can expect an increase in cyber risk as organisations and practices move away from analogue tools and criminals become more technically efficient.
An increase in risk should be reflected in a healthcare organisations or practice’s risk management and insurance portfolio. Below we will explore risks likely to affect healthcare organisations and what Cyber Liability insurance is for.
What are Cyber Risks for Healthcare?
Before going over how Cyber Liability Insurance can support healthcare organisations, understanding specific risks that can affect healthcare organisations is a good place to start. A Cyber Risk does not simply represent an attack from criminals, even an employee within an organisation can become a cyber risk unknowingly.
Examples of cyber risks and incidents can also look like:
- Ransomware Attacks
- Network Failure
- Third Party Data Breach
- Supply Chain Attacks
- Identity Fraud
Criminals and fraudsters are equally upskilling to part organisations with money or time. A malicious attempt can happen to your healthcare organisations at any time, regardless of number of employees, patient list size or turnover.
Why is Cyber Liability Insurance important?
Cyber Liability Insurance is an essential form of protection in the event of any of the incidents above. Healthcare organisations are a more significant target in comparison to other businesses, due to the sensitivity around patient data and the impact it can cause to patients due to interrupting incidents.
As specialists in providing healthcare organisations with appropriate insurance cover, to help keep both their organisations and patients safe, MIAB’s Cyber Liability policy has been especially designed for the unique demands of a healthcare practice or organisation.
What is a Comprehensive Cyber Liability Policy?
A comprehensive Cyber Liability policy for health care organisations such as General Practices, Private Practices, Dental Practices and private healthcare services, should be including specific covers for the above incidents and the event it disrupts activities.
Key covers to look out for may include:
Business Interruption Cover – a Cyber Liability policy is designed to cover costs associated with cyber-attacks or breaches; in rare cases this can even mean closure of the business. Business Interruption is included in your coverage in this unforeseen circumstance.
Network failure – will include cover for lost income or additional expenses due to the network down time.
Regulatory legal costs – designed to support businesses in the rare instance a government investigation or enquiry is brought against you.
Data breach notification costs – helps to provide financial assistance to notify patients or those affected by a data breach.
Data restoration and programme recovery costs – for example if a hacker is holding your system ransom and you have been financially implicated.
Additional risk management – if your practice or organisation makes use of a website, some insurers choose to take on additional risk management to lower the chances of a cyber-attack or incident. This can include activities such as testing your website against fake cyber-attacks and sending across educational material for awareness.
Response to a cyber incident is key to stop further escalation of an attack on your organisation. Some insurers have 24/7 hotline services as criminals may target out-of-hours windows for more successful attempts. A hotline service can also be especially useful if you need immediate advice, even if you are not sure you have been attacked.
What is good Cyber Hygiene?
A comprehensive Cyber Liability, while essential, should not replace an organisation’s approach to cyber security. It is best practice for organisations to find an appropriate Cyber Liability policy alongside maintaining the organisation with standard cyber hygiene. This will include:
- Staying up to date with regulatory and compliance frameworks
- Securing networks and devices
- Monitoring user access
- Implementing strong password policies
What if Third Parties Cover Me?
It’s no secret that professionals within healthcare are stretched and that it is common for organisations to outsource some of their activities so that their staff see patients more efficiently.
However, it is important to note that any third parties handling, such as data, may not be held accountable for incidents or claims if your healthcare organisation is accused. Claims may be brought against the healthcare practice or organisation itself, even if a mistake was made by a third party.
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As specialists in providing healthcare organisations and practices with Cyber Liability Insurance within the UK, our Insurance Advisers work closely with insurers to find the most appropriate cover for your organisation’s unique circumstances. Whilst the physical Computers should typically be covered within your MIAB Practice Insurance, a Cyber Liability policy is a stand-alone policy because of the growing cyber risks for healthcare organisations.
If you would like a free review or quotation of your organisation’s Cyber risks, contact our friendly team for a discussion today.
Phone 01438 730210
Email info@miab.co.uk
Related Pages
- https://miab.co.uk/using-artificial-intelligence-responsibly-in-general-practice/
- https://miab.co.uk/our-products/cyber-liability-and-data-insurance/