Why Cyber Insurance Is Critical for Protecting Your Dental Practice
When is the last time that you filed a piece of paper? It used to be that a file cabinet was like your personal bank vault – holding the papers that defined and valued a business. From patient records to invoice statements, that file cabinet had everything necessary to keep things humming along. Each drawer’s value was dependent on the information that it contained within.
To protect those files and the information on each page, some drawers were locked. Some file cabinets were kept in secure offices with limited access. To protect the actual cabinets, keys were hidden and office doors were locked.
Policies Are in Protecting Physical Assets
The building is insured by a policy that offers compensation should theft or fire occur. Security alarms and systems can be installed to deter a breach.
Some buildings have officers and cameras watching for suspicious activity. Businesses have seen the need to instill additional measures outside of physical protection, like sending data “offsite” or “into the cloud” for backup.
Most of these preventative measures remain in place today – but they protect computers and information that isn’t stored on paper. Fewer file cabinets can be found in offices today. Now, these drawers hold less sensitive data and more office supplies such as paper and extra toner for the printer.
Who Is Protecting Your Electronic Data?
So, who is protecting your e-files? Your sensitive patient data? The electronic “pieces of paper” that define and value the dental practice?
Yes, you can have anti-virus software, firewalls, and additional measures in place to protect your practice, but what happens if there’s a theft or crime that you never saw happen? What if the criminal isn’t an actual person to apprehend, the damage isn’t a fire that you can put out, and the records aren’t there for you to retrieve and pull from backup? Building insurance isn’t going to cover a break-in that didn’t happen. The damage isn’t by fire or water – so what kind of insurance claim do you file?
There are hostages in this disaster, but they aren’t people – they are priceless data and sensitive patient information. The very ones that keep your practice running and hold all of the value of your operation.
Let’s take a ransomware attack for example. The ransom will be set, and you have no choice but to pay it – but with what? With your savings? With funds from the business? If you do that, how will you pay your employees? What if your clients find out? Will they trust you? How will you regain that trust and ensure that this won’t happen again? Do you report this to the authorities? Does that mean you have to hire a lawyer? And a breach could also mean costly HIPAA fines, resource expenditures, and damage to the reputation of your practice.
Should you just shut down and run? That feels like the only solution, but it’s not even close to feasible. You have a family. Your employees need this job. You need this job.
THAT is Why You Need Cyber Insurance.
Consider this, the first car was invented before 1900. Auto insurance became mandatory in 1927. How many disasters had to occur before we realized that cars were not going anywhere, and measures had to be put in place to protect individuals?
Don’t be caught in that gap with your dental practice. In this case, ignorance is not bliss, it could mean the difference between survival and demise of your practice.
This is the new normal. Times have changed, and so has the way in which you need to protect your practice.
Protecting Your Dental Practice
Digital Technology Partners can help protect your practice against harmful cyberattacks with cyber insurance, HIPAA training, and security awareness.
Click here to learn more or contact us at (770) 918-0075 or firstname.lastname@example.org to schedule a free consultation. Let Digital Technology Partners help you develop a complete security plan to protect your data and safeguard your dental practice.