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Emerging Risk affecting Medical Practices: Cyber Liability


cyber-liabilityIn today’s data-driven world, where sensitive patient information is collected, stored and communicated electronically, physician and surgeons practices of all sizes are especially vulnerable to costly and damaging liabilities from data security breaches or “hacks”. Cybercrime, including identity fraud, is the fastest growing criminal activity. The cost to recreate compromised patient data is staggering.

Whether your data is compromised by a hacker, virus, cyber thief, or simply because of lost or stolen computers, laptops, flash drives and smart phones, the breaches can have serious ramifications. The cost to recreate compromised patient data is staggering, and includes the expense of notifying customers—now legally mandated by 46 states—possible fines and legal expenses. Your practice can also suffer immense damage to its reputation and from the interruption to business.

Traditional liability insurance products only cover “tangible” assets. Electronic data is not considered “tangible” under the typical policy definition. Cyber Liability Insurance fills that gap. (There may be a small amount of coverage on a professional liability policy, but this amount can be quickly eroded.) It is highly recommended that all healthcare offices purchase a separate Cyber Liability Policy.

Please call us at Gracey-Backer, Inc. for more information on Cyber Liability Insurance protection.

Barbara Gracey Backer


Barbara Gracey Backer is the Vice-President of Gracey-Backer, Inc., an Insurance Agency in Delray Beach, Florida specializing in All Lines of Professional and Personal Insurance. She may be contacted at 800-272-6055 X118 or at barbara@gbifl.com.

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