Cyber Liability Insurance

Here is why you need to consider cyber liability coverage. In the 2024 Cyber Liability report from Coalition, Inc., they noted:

  • Ransomware frequency increased 15% year over year in 2023.
  • The severity of Funds Transfer Fraud continues to increase. Last year, the average loss with Coalition was about 278k, which is in line with other carriers.
  • Overall claims frequency increased 13% year over year in 2023.
  • More than half of the claims resulted from a compromised business email.
  • Ransom demands were up over 36% in 2023.

Given the increasing threats, including to small organizations, cyber liability insurance coverage is essential for your medical practice. An excellent policy will include coverages for:

  • First Party: Covers financial damages sustained during cyberattacks on your network or systems. This includes Business Interruption coverage that would have helped you in light of the CrowdStrike event.
  • Third-Party: Protects your business when a data breach occurs on a third party’s network or systems.
  • Cyber Crime: Covers funds or property stolen, funds transfer fraud, and social engineering.
  • Media: Coverage for different types of trademark infringement and intellectual property infringement. It often extends to print or digital advertisements and posts on social media channels.

In addition to the policy, you will want a company that will help you mitigate risk and proactively be there if you experience a claim. Two years ago, we experienced a data breach. Our cyber insurance company’s response was outstanding as they deployed their attorneys and IT experts, who scanned my system to look for hacks, sent out notification letters and took a proactive approach to ensure my systems were safe. Wouldn’t it be great to have this protection and peace of mind?

Information Needed for Quoting:

  • Business Name
  • Address
  • Web Address (if you don’t have one, no problem)
  • Effective Date
  • NAICS Code (or business description) *If you use SIC codes (or don’t have one), we can assist in converting or tracking down
  • Gross Revenue

We welcome your cyber liability insurance questions here at Perron Insurance Services where we help doctors be doctors.

If you have questions or need a quote, contact us online or call (603) 926-1318.

Cyber liability insurance