Data Breach (Cyber-Liability Insurance)
DATA BREACH/CYBER LIABILITY: Your practice could be a victim of data breach by way of ransomware, phishing, data leakage, hacking or numerous other threats. Going without Data Breach coverage means you personally take on the financial responsibility of a breach, which could include credit monitoring for patients, IT forensics, or costs to notify patients, to name just a few. The costs may be staggering for any size practice. Coverage includes notification expense and credit monitoring reimbursement (first party coverage), and provides liability coverage for defense and regulatory actions (third party coverage)(This is not an all-inclusive list). Standalone coverage is recommended because coverage may be broader and pricing is more competitive than simply endorsing another policy to include data breach/cyber liability.