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Protect Your Business
Cyber Liability

Cyber Liability Insurance

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Related Articles:
Do you need Cyber Insurance?
If you're online, you're at risk

 

 

When it’s your reputation on the line…

With so much at stake you want your response to a cyber attack to be fast, effective and helpful.​

Privacy breaches by cyber attacks, hacks, ransomware, and viruses are no longer just hypothetical--they are a reality that happens every day. Unfortunately, no person or organization is immune from a data breach, regardless of size or even the sophistication of the virus protection software or security systems. Designed to protect physicians from losses related to data breaches and cyberattacks, Cyber Liability insurance from OMA and HUB International is affordably priced and easy to obtain whether you are a sole practitioner or part of a large practice.

Your primary responsibility is to help patients and their families, not to worry about the technology that is supposed to help you do your job.​

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Don't think you're at risk? Consider this:

  • The healthcare industry worldwide is the fastest growing target for cyber criminals because the information you maintain is robust and easily monetized
  • Cyber crime's automated mass attacks randomly hinge on finding those small points of vulnerability that one unlucky mouse click by one unsuspecting person
  • Electronic medical records (EMRs)​ can provide hackers with information such as health card numbers that could be used to file fraudulent medical claims and drug prescriptions
  • Medical records also contain private information that, if made public, could cause harm including jeopardizing a person's reputation, employability, safety, or quality of life
  • Physicians also face reputational and financial risk

 

Who needs this coverage?

Any physician who manages patient information is responsible for their records. If you are a full time employee, you should check with your employer and review the terms of your contract. But, whether you are the employer, a contract employee, locum, or private clinic staff, consider the protection offered with cyber liability coverage.

 

Cyber liability insurance can't protect your information from hackers, but it can keep you and your business on stable financial ground if a breach occurs. Traditional insurance policies – property, business interruption, general liability, crime – either specifically exclude cyber related losses or provide coverage only in very limited, specific circumstances. With no insurance in place, the cost of recovering from a cyber breach could destroy your business and your reputation.

You can get peace of mind protection at any time with a stand-alone Cyber Liability policy or you can add an endorsement to your existing Office/Clinic policy

The cyber endorsement can be added at any time to an existing Office/Clinic policy or at time of renewal with no underwriting questionnaires.

 

What you can count on with coverage if there is a breach

Within one hour of reporting a breach via a dedicated call-in number, a network security specialist will call you to assess the situation. Within 3 hours you will have a legal opinion and a plan of action.

If a breach occurs, the policy will cover the following:

  • Crisis management (legal and PR advice)
  • Forensic investigation of incident cause and scope
  • Customer notification and credit monitoring  
  • System/data restoration and remediation
  • Loss of business revenue
  • Regulatory proceedings included
  • Liability coverage for invasion of privacy rights and virus transmission

 

Our product also provides:

  • An easy application process
  • Coverage for cyber extortion and ransomware
  • Protection of data hosted on a third party network (with a written contract)
  • Liability coverage for PIPEDA claims and virus transmission

 

A final piece of advice

While cyber-liability insurance can mitigate some risks, it's important to remember that purchasing a policy won't stop hackers or data breaches from occurring.

Ultimately, responsibility for patient information continues to rest with you. This means investing in proper security technology, training staff on appropriate use of technology, training staff on PIPEDA and how it applies to their role, and mitigating risks through the implementation of internal cyber-security reporting and controls.

 

Rates  

Limits $100,000 $250,000
Annual Premium $185 $275

These premiums are subject to change based on underwriting information, additional coverages and claims history submitted by each applicant.

Coverage is simple and affordable and can be customized to your business and your individual protection needs. Higher limits are available by contacting HUB International. To learn more about rates, to get a quote, or to inquire about increased limits of insurance, contact HUB International directly at 1.855.662.0500.

 

The Application Process

OMA Insurance works to streamline the application process as much as possible, reducing the complexity and time required to arrange coverage. Here are the steps required:

Inquiries
Learn about coverage and apply by calling HUB International at 1.855.662.0500.
next step
Quote
HUB International will prepare a quote based on your needs. Information about your office/clinic will be required.
next step
Receive your Policy
Once your payment has been received, HUB International will send your policy by email or mail.

 

At this stage, and every stage.

Protecting your practice is part of your job; making it easy is ours – today and at every stage of your career.

 

About Hub International

HUB International is one of the largest insurance brokers in the world. It has considerable experience providing, amongst other things, property and casualty insurance and risk management advice to businesses of all sizes. One of HUB's areas of specialization is business insurance solutions for medical professionals.

 

Contact HUB for more information.

For immediate advice and to get a quote for Cyber Liability Insurance or to purchase, go to www.oma.hubinternational.com or please call 1.855.662.0500.