Dentists-Do you have Cyber Liability Coverage?
Does your Dental Professional Liability Insurance have Cyber Liability Coverage?
Because dentist hold sensitive patient and employee information on their networks and in their billing records, they are at great risk for network security and privacy-related exposures. Due to the potential for high cost from these exposures the dentists need Cyber Liability Coverage.
Cyber Liability covers a number of different components:
Security and privacy liability covers third party claims arising out of the failure to prevent unauthorized access of the use of private information, including identity theft and breach of privacy for both online and off-line information. Examples include the inadvertent transmission of malicious code or a virus to another’s computer system or potential lawsuits from credit card or health insurance companies.
Privacy regulatory defense and penalties insurance covers defense costs, fines, and penalties incurred defending regulatory investigations or privacy or security breaches. Examples include HIPPA and HITECH violations, or a state attorney general or Federal Trade Commission action regarding the breach of security and privacy of information.
Privacy breach response costs, patient notification expenses, and patient support and credit monitoring expenses insurance covers payment of all reasonable and necessary costs to notify third parties (e.g., patients) that their private medical information has been breached or compromised. This coverage includes legal fees, notification costs, public relations expenses, IT forensic costs, call center, advertising, and postage costs. The cost of credit monitoring services are limited to 12 months from the date of enrollment in such services.
Network asset Protection covers all reasonable and necessary sums required to recover and/or replace data that is compromised, damaged, lost, erased, or corrupted. Coverage also includes business interruption and extra expense coverage for income loss as a result of the total or partial interruption of the policyholder’s computer system.
Multimedia liability provides coverage for both online and off-line claims alleging copyright or trademark infringement, libel or slander, advertising injuries, and plagiarism.
Cyber extortion pays for a cyber extortion threat. This would involve a party demanding cyber extortion monies or else it will, release confidential information of a third party, introduce malicious code, corrupt, damage or destroy the policyholder’s system, restrict or hinder access to system, including a denial of service attack or electronically communicate with patients or customers-claiming to be the physician or entity-to obtain personal confidential information. This coverage pays cyber extortion expenses, but such expenses can only be incurred with the Trust’s consent (funds paid with Trust’s consent to terminate the threat).
Cyber terrorism coverage pays for acts of terrorism, meaning a use of force or violence for political, religious, ideological, or similar purposes, including the intent to influence a government or put the public in fear. This coverage pays for income loss, interruption expenses and/or special expense.