• Skip to main content
  • Skip to primary sidebar
  • Skip to footer

ABOUT US RESOURCES TESTIMONIALS BLOG CONTACT US

  • Home
  • About Us
  • Find Your State
  • Find Your Specialty
  • Choose a Facility
  • Resources
  • Testimonials
  • Blog
  • Contact Us
  • Request A Quote

Healthcare Providers Face Higher Risk of Cyber Liability

December 1, 2017

Healthcare providers continue to rely on a small limit of Cyber Liability Insurance added to their Medical Malpractice Insurance policies to protect against Cyber Risks. With the frequency of cyber attacks and data losses in the medical industry, healthcare providers need to consider adding a Cyber Liability Insurance policy with a minimum limit of $1,000,000.

While healthcare providers have been slow to add Cyber Liability Insurance policies to their risk management portfolios, they are also at a much higher risk for a Cyber Claim than businesses in other industries.

There are at least 3 main Cyber Risks healthcare providers need to protect against:

  1. Data Breaches — medical offices, hospitals, and other healthcare providers are more prone to data breaches than other business sector. One reason for this is that the information obtainable in patient records contains more of what identity thieves want. Most records include name, date of birth, social security number, address, multiple phone numbers, and credit card or banking account numbers. This type of information is extremely valuable on the “black market.” Another factor adding to the higher risk in healthcare is the number of people who use and store patient information. Also, the need to have the information on mobile devices makes it more vulnerable to thieves. Many breaches are caused by a stolen laptop or tablet that is unprotected.
  2. Ransomware — hackers are able to high jack entire computer systems and shut down a hospital or clinic remotely from anywhere in the world. Check the news for ransomware attacks and you will find stories of hospitals all over the U.S. that have been hit for millions of dollars. Many times healthcare providers have no choice but to pay the hackers because they cannot afford to be shut down for more than a few hours. Time is critical in healthcare, and hackers know this and choose targets carefully. According to recent reports, ransomeware attacks have doubled in the last 2 years across all industries, and the top targets are financial and healthcare businesses.
  3. HIPAA Violations — a loss of customer data in any industry can be costly and devastating, but in healthcare the loss can be crippling. Protected Health Information lost to hackers, ransomware, or thieves must be reported to HHS if it affects more than 500 individuals. In addition to the cost of notifying patients, providing credit monitoring services, and PR/reputation management, healthcare providers can be fined due to HIPAA violations. The fines have been extremely high in cases where the entity did not do enough to prevent the loss of data, and did not have a disaster recovery plan in place.

The experienced brokers at eQuoteMD can provide quotes on Cyber Liability Insurance with limits ranging from $1,000,000 to $10,000,000 depending on the size of the provider. This coverage provides help with notifying patients, legal fees, fines and penalties, and credit monitoring services for those affected by a breach. We offer Medical Malpractice Insurance that includes Cyber Liability Coverage for any specialty in any state. Get a Fee Quote Today.

Filed Under: Uncategorized

Primary Sidebar

Calendar

December 2017
M T W T F S S
 123
45678910
11121314151617
18192021222324
25262728293031
« Jul   Jan »

Categories

  • Ask eQuoteMD
  • General
  • Malpractice Insurance
  • Malpractice Insurance Coverage
  • Medical Liability Insurance
  • Medical Malpractice
  • medical malpractice insurance
  • medical malpractice lawsuit
  • OB/GYN
  • tail coverage
  • Telehealth
  • Uncategorized

Tags

Affordable Medical Malpractice Insurance best malpractice insurance California claims made coverage damage caps defensive medicine doctors liability insurance group medical malpractice insurance hipaa individual medical malpractice insurance judicial legal legislation liability malpractice malpractice insurance Malpractice Insurance Coverage malpractice insurance for doctors Malpractice Insurance near me malpractice insurance quote medical liability insurance medical malpractice medical malpractice coverage medical malpractice insurance medical malpractice insurance broker medical malpractice insurance companies medical malpractice insurance company Medical Malpractice Insurance for Family Medicine Medical Malpractice Insurance provider medical malpractice insurance providers medical malpractice lawsuit medical professional liability insurance news non-economic damages occurrence physician malpractice insurance policy professional medical liability insurance research study tail tail coverage technology tort reform

Footer

eQuoteMD

BLOG

Integris Group logo

The legal elements involved in a medical malpractice case include: Legal duty Breach of that READ MORE

Doctor And Nurse Suture Patient In Emergency Room

As a physician, you are no doubt aware of the importance of having malpractice insurance to protect READ MORE

Pregnant woman lying down on a hospital bed and talking to a doctor

“Medical Malpractice Insurance policies have become a commodity in the insurance industry, meaning READ MORE

FIND YOUR STATE FIND YOUR SPECIALTY CHOOSE A FACILITY

ABOUT US RESOURCES TESTIMONIALS BLOG CONTACT US

HOME ADA DISCLAIMER PRIVACY POLICY SITEMAP

Copyright © 2023 · eQuoteMD · All Rights Reserved

iHealthspot Medical Website Design and Medical Marketing by iHealthSpot.com

eQuoteMD provides medical malpractice insurance services in all states for all specialties.