Cyber cover for MIPS members' practice entities 

cyber-cover

By 2016, cybercrime had become Australia’s number one economic crime, with cyber-attacks rising 45 per cent in the past year alone.1 Increased connectivity is a double-edged sword; as the business benefits continue to grow, so do the risks associated with hacking, ransomware and other online based criminal activities.  

With the amount of information being stored electronically (especially in ‘cloud’ storage), the likelihood of cybercrime affecting your personal or business data is increasing. Cyber criminals are now holding online information stolen from small businesses such as healthcare practices to ransom in order to extort large sums of money.  And more often than not, meeting their demands does not guarantee the criminals will decrypt the files. 

Russian hackers ransomed a Gold Coast medical centre after encrypting patient records and demanded $4,000. In this case, the centre was able to recover using backups but not without effort and difficulty. In Kansas, USA where the ransom was paid and it was reported that the cyber criminals did not live up to their end of the bargain.2 This phenomenon is relatively new compared to traditional insurance risks such as flood and fire, so the insurance covers available are still developing. 

MIPS has introduced cyber, privacy and media cover for MIPS members’ practice entities. This cover is underwritten by a specialist insurer, CFC, and is available to members eligible for MIPS Members’ Practice Entity Cover. Cover is subject to approval and you apply online through the Practice Entity Cover Enquiry and Cyber, Privacy and Media Cover Application form 

The new Cyber, Privacy and Media policy includes cover for: 

  • Hacking attacks/viruses in your computer network or a cloud network you use 
  • Reduction in profit if your business is interrupted by cyber peril 
  • Disclosure of patient credit card details and associated liability 
  • Ransomware that locks and prohibits access to your computer system 
  • Privacy infringement arising out of social media  
  • Defamation matters involving social media  

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