Life Insurance

May Your Practice Cyber Secure!

Dentist Insurance Services strongly advises adding cyber coverage to your insurance portfolio. When your digital practice’s files are threatened by cyber attacks (even if they are on a cloud) your practice’s financial and physical security are jeopardized. We have partnered with Coalition, a top cyber liability carrier, to bring dentists a solution that includes liability coverage and preventative monitoring. We recommend the practice have at least $250 per patient file. The average cost of a $1 million dollar policy is only $100-150 per month.


What to look for in cyber

  • Fast response time- You want a carrier that has their own in house cyber response team. Many carriers like, Bankers, use 3rd party claims handling so it can be over a week before they can get to you.
  • Direct payment for ransom- Cyber ransom is one of the biggest claims that we see. The amount has been steadily increasing and we had a dental office recently that was asked to pay $150,000 in bitcoin. Most carriers are an indemnity policy so you would have to pay the money and they would reimburse you. Coalition, the cyber recommend by FDAS, will not only pay directly they will handle the negotiations for you.
  • Voluntary Notification costs with no sublimit- We are seeing that a lot of the cyber insurance have sublimits or caps on the notification costs and exclude voluntary all together. This is one of the priciest parts of a loss. Notifying all clients and free credit monitoring, including non-affected customers and clients to maintain goodwill. This needs to be handled correctly as to prevent a lawsuit from the clients and reputation.
  • Funds Transfer Fraud- Most cyber policies exclude funds transfer to a third-party but this is a claim type that is growing rapidly as cyber attacks get more targeted. An example of claim we had is that a dentist has a payroll company that was hacked into, they set up four fake employees and paid them employees from his account. The payroll company was not responsible and his cyber policy did not pay because he did not have funds transfer on the policy. Coalition

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