Cyberrisk Insurance

It’s a computer attack by a cybercriminal that can severely compromise your practice’s operations in many different ways, from computer damage and blocked access to data, to operating system failure, software problems and more.

Here are some common cyber threats:

Malware
Malware is software that steals, destroys or blocks the data in your company databases. Hackers may demand a ransom to restore access to your data.

Denial-of-service attacks
This is a computer attack that can, for example, prevent your clients from accessing your appointment booking portal or your online services.

Phishing
Phishing is when an unknown individual sends emails or text messages to your employees in order to commit fraud or install malware on your computers.

Viruses
Viruses can infect your computer system and perform malicious actions such as sending fraudulent emails to your clients.

It comes into effect, supporting you from the minute your patients’ confidential data is lost, stolen or inadvertently disclosed. That data could include their files as well as sensitive personal information such as credit card, social insurance or health insurance numbers. In these situations, there’s a critical risk of identity theft. As a physician you have an obligation—almost more so than any other professional—to protect this personal data. That’s why cyberrisk insurance is so important.

Discover the 11 types of cyberrisks coverage

Data compromise response expenses
Covers costs such as regulatory fines and penalties when the personal information in your possession is lost, stolen or unintentionally disclosed.

Privacy incident liability
Pays defence and settlement costs, among others, in the event of a lawsuit related to a personal data breach.

Identity recovery
Reimburses certain expenses such as lost wages and childcare costs following identity theft.

Computer attack
Covers most expenses needed to get back up and running quickly following an attack on your data, operating systems and software.

Cyber extortion
Covers the cost of specialized support to manage the crisis and the ransom amount.

 Network security liability
Covers defence and settlement costs in the event of a lawsuit related to a security breach in your system that causes damage to a third party.

Electronic media liability
Covers your defence costs if your business is sued for copyright or trademark infringement, defamation or violation of the right to privacy.

Misdirected payment fraud
Covers your direct financial losses when your business or your financial institution is deceived into sending money, securities or physical assets to a fraudulent destination.

Computer fraud
Covers your direct financial losses resulting from a third party’s unauthorized access to your computer system to send money to a fraudulent destination.

Telecommunications fraud
Covers the costs billed by your telephone provider if a cyberattack affects your telecommunications system.

Theft of funds held in escrow
Covers the loss of funds held by a third party as a result of misdirected payment or computer fraud.