The Major Effects of Cyber Attack on Your Small Business

December 22, 2020   |   CM&F Group   |   In Cyber

Data theft, also known as cyber-attack, can seriously impact your clinic in many debilitating ways. Recent times have presented an uptick on attacks on the healthcare industry, and it is imperative to be aware of how this can affect your small business.

  1. Data Loss or Damage Due to Security/Privacy Breach
    • A cyber-attack can damage your internal electronic systems, rendering the data stored on your computer inaccessible or permanently deleted.
  2. Unforeseen Expenses Incurred by Security Breach Response
    • As a result of a cyber incident, you may also be investigated by a regulator, sued by a third party, and/or need to restore systems and digital assets.
    • If a hacker steals health records and other personal data from your computer system, your clients could choose to sue your business.
    • Your business could incur unprecedented expenses to keep operating amidst working through the breach.
    • State and Federal Laws (like HIPAA and their state equivalent) may require your clinic to notify anyone whose data was breached while in your proprietorship. You may also be required to notify the victims of what course of action you are taking to resolve the situation.
  3. Cyber Extortion & Ransomware
    • Often in recent times, hackers are stealing sensitive data accompanied by threats to publicly share the contents unless they are paid ransom. Most people do not ever see those funds again if they are not covered properly by their insurance.

How to Get the Most Coverage Against Cyber Attack

Most liability policies on the market provide little-to-no-coverage for the losses caused by data theft and cyber-attacks. While some provide a small amount of coverage for damage to data caused by viruses, most do not cover damages involving extortion and hacking. It is crucial to protect your career, your business, and your clients from the harmful and expensive threats caused by a data breach. The tools, services, and insurance provided by CM&F Group’s CyberProGuard® can bring you peace of mind across your data and other digital records. Learn how our 24/7/365 services and comprehensive insurance policy can save your business millions in cyber-attack damages.

 

Cyber Attack

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