Cyber liability coverage is Data liability coverage. As an Optometrist, you own your patients data, whether in paper or electronic format. This includes your patient’s credit card information as well as personally identifiable information. If patient paper files are stolen or if your system is breached and records are stolen, by law you are responsible for notification by mail as well as providing credit monitoring services for at least 1 year. Without proper coverage in place, this could be financially devastating.
According to the Ponemon Institute 2018 Cost of Data Breach Study in the United States:
- The average cost per lost or stolen record in the healthcare industry is $408
- In the past 10 years the average cost of a data breach grew by 11%
- 48% of incidents involved a malicious or criminal attack
- Cyber Extortion / Ransom Ware
- Privacy Notification Expense
- Credit Monitoring Expense
- Public Relations and Crisis Management Expense
- Data Protection Loss
- Forensic Expense
- Business Interruption Loss
- 3rd Party Financial Loss
- Risk Management / Compliance Materials
- Online Support
- And Many More….