In a world of increasing and ever more sophisticated cyber security threats, healthcare remains consistently one of the most targeted industries. This isn’t surprising, given the type of data that physician practices collect and store, including social security numbers, dates of birth, personal health information, and billing and insurance information.
According to an annual data breach study by IBM, the average cost of a data breach in the healthcare industry in 2022 was $10.10 million. This has gone up 42% since 2020 and the healthcare industry has the highest data breach cost of any industry for the 12th year in a row.
Costs of a data breach include: Investigating and fixing the breach, lost business from system downtime, notification and credit monitoring for affected customers, public relations costs and more. In addition, a practice involved in a data breach can face significant regulatory fines and penalties. Some costs are tough to quantify, like damage to your reputation and loss of patient trust, which can lead to lost patients.
We’ve got your back
Conventus helps to protect your practice from data security risks by automatically adding Cyber and Breach Response Coverage to your Conventus professional liability policy. This additional protection, from leading experts in Cyber Defense and Breach Response, includes more than insurance coverage. It also provides our members with extremely valuable proactive preventative resources to help you avoid a breach, and extensive breach response resources and services to support you if a breach occurs.
Key Coverages and Resources
All members automatically receive Cyber and Breach Response Coverage with their Conventus membership and professional liability insurance policy. Policy limit includes $100K per claim and up to $250K annual aggregate. Higher limits can be purchased. Key coverages and resources include:
Coverage for the expenses involved in responding to a data breach. These include legal expenses, forensic experts, costs to notify affected parties and provide credit monitoring, and public relations expenses to mitigate reputational damage.
Coverage for an extortion threat against your computer network, including extortion payment.
Business Interruption Loss
Reimbursement for financial loss resulting from a data breach or network system disruption.
Third Party Coverage
Coverage extended to your breach caused by a third party, including business associates, cloud providers and external vendors.
Privacy Breach Defense Coverage, Including HIPAA
Defense coverage for failure to secure confidential personal information.
Data Recovery Costs
Expenses incurred restoring data after a breach.
Breach Prevention Resources
- IT security planning
- Risk assessment
- Incident response planning
- Sample policies & procedures
- Interactive online training
- Federal & State Compliance
Breach Response Resources
- Access to your own web portal and consultancy hotline
- Expert breach consulting
- Legal support
- Media relations consulting
- Notification assistance
- Proactive crisis management
- Remediation services