Cyber Liability Insurance is a must if you keep your client data on your computer, your cell phone, or your office files. Even if you use a third-party company, such as a warehouse, a mover, or data storage provider, you can be held responsible for data breaches caused by them. A cyber liability policy safeguards you and your practice.
A data breach or security incident occurs when confidential client data, such as patient records or personal financial data, is taken, copied, transmitted, viewed, stolen, or used by any individual unauthorized to handle the information. If you are sued for a data breach, you may be subject to state and federal fines and penalties up to $250,000. And, your clients can also sue you for damages of $25,000 – plus, you even risk jail time of 10 years!
A cyber liability policy protects you from the many costs associated with a major data breach. Our policy covers the major cyber liability perils including:
- Legal Defense Cost
- State and Federal Fines and Penalties
- Computer Security Breach Expert Audit
- Client/Patient Notification Costs
- ID Theft Protection Subscriptions for Victims/Clients