Posted by Amy Carbone on May 31, 2023 9:00:00 AM
In our fast-moving and increasingly technology-based society, most dentists are aware of the need for IT security. Even so, the best security systems can be breached; data breach insurance provides another layer of protection against hackers and ransomware attacks.
Below, we’ll discuss data breach prevention tips that can help keep you, your practice, and your patients protected.
Data Breach Prevention Tips
Protect Your Practice: Cyber Insurance Policy Riders
Hackers target medical and dental offices to steal sensitive personal information including financial data, social security numbers, and health information. Ransomware perpetrators will freeze up a computer and only release it upon payment of some large amount of money – effectively kidnapping your computer’s capabilities until you comply with the ransom request.
While the prospects of having to navigate either of these scenarios is unpleasant, dentists are required by HIPAA to have certain measures in place to ensure the security of patient data, and many Business Owners Policies (BOP) include clauses for data breaches, in addition to cyber insurance policy riders (add-on clauses) that allow you to amplify your coverage for cyber-attacks.
Protect Yourself Personally: Home and Personal Devices
Your own cybersecurity also matters. Are you aware of the need for insurance to protect yourself against such attacks? Yes, your home computer, or phone or tablet could just as likely be a target of a security breach. How are you protected and what would you do in the unfortunate event that you were the victim of this kind of assault?
Don’t Assume — Check To Make Sure
If you think that cyber liability insurance is automatically included in some other insurance you have – chances are, it’s not. And if it is, it may not be adequate for your needs. The good news is that insurance companies are offering more ways in which customers can mitigate exposure of their personal data.
Your Homeowner’s or Renter’s Policy Can Potentially Save the Day
If you are looking for cyber insurance for your personal protection, this can be added to your renter’s insurance or homeowner’s policy whether you rent or own your home. Unless you purchased your policy relatively recently, cyber insurance may not have come up in conversation with your insurance provider, because it’s a relatively new feature. It’s good to double-check and make sure you can add it on if you don’t already have it..
How Does a Cyber Insurance Policy Work?
Let’s say your home computer gets hacked and your data is exposed, or your home computer is subject to a ransomware attack. With coverage from a reputable company, you should be able to get the help of a team of professionals to intervene on your behalf, so you don’t have to do anything.
Imagine, in this example, the attacker says they won’t release your computer until you deposit $100,000 worth of Bitcoin into their account. Well, the insurance carrier may advise you to cease all communication with the ransomware attacker, advise you not to pay anything and take over the case.
Even if ultimately a ransom is paid, or you experience financial (or other) loss because of your data being exposed, with the right coverage, your insurance provider could settle with the attacker and/or pay your claim.
Cyber Security for Dentists
If you have virus protection software installed on your computer, that’s great, but it’s not enough if you experience a breach. From our point of view, insurance is something you get when you don’t need, and “do-it-yourself” is likely to leave you with gaps in coverage, so make sure to work with a qualified financial services professional to identify your risk management strategy – at work, and at home.
You Need Both Data Breach Prevention and Insurance
When you take steps to prevent a data breach both at home and at your practice, you are protecting your future and your career. However, data breaches in the healthcare industry are becoming more sophisticated, which means you need a backup plan. Contact us for more information.
About Treloar & Heisel
Treloar & Heisel, an EPIC Company, is a premier financial services provider to dental and medical professionals across the country. We assist thousands of clients from residency to practice and through retirement with a comprehensive suite of financial services, custom-tailored advice, and a strong national network focused on delivering the highest level of service.
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