If you store personal data, process credit card transactions, have a wireless network or otherwise work electronically with patient information, you could be at risk for a host of cyber threats ranging from viruses to phishing to unauthorized breaches and data theft. Repairing the damage could be very costly.
In response to this need, the AAO Council on Insurance is working with Affinity Insurance Company, sales and marketer for other AAO-endorsed insurance products, to develop a cyber liability insurance coverage program for AAO members. A product plan is expected to be presented to the AAO Board of Trustees in 2012.
“Cyber liability is a relatively new insurance coverage that has emerged as a result of the expansion of liabilities against companies for breach of private information and insurance for digital assets,” said Dr. Larson Keso of Oklahoma City, OK, chair of the AAO Council on Insurance.
“Many orthodontic practices rely on electronic media to store patient and employee data, schedule appointments, track billing/payment information and more. Protecting the practice’s data from unauthorized access is critical. Traditional insurance, i.e. professional liability, property and general liability and casualty, typically exclude coverage for cyber-related claims. Since our members work with so much patient information, it is important to make available this insurance coverage.”
Potential cyber liability coverages include:
Data loss or a security breach can cause a huge financial problem, bad public relations and significant down time.
“It is prudent for members to be aware of the risks they face and take steps to protect themselves from liability,” Dr. Keso said.