Businesses, including those in the healthcare sector, are increasingly vulnerable to new and emerging exposures due to their growing reliance on data and computer systems. To address risks and potential liabilities arising from these vulnerabilities, medical professionals need to proactively adapt and improve their digital processes and management systems.
Medefend’s Cyber for Clinics provides tailored cyber insurance coverage for medical and healthcare establishments in Malaysia. In addition to the coverage, Marsh’s cyber risk specialists will help you evaluate and understand your existing risk management practices and recommend a right-sized insurance solution that provides both value and sufficient coverage against cyber and digital threats.
Cyber for Clinics include coverage for:
Third party cover (Liabilities)
Personal & Corporate Data Liability
Data Security Liability
Coverage for defence costs and damages for third party claims arising out of a failure or violation of the security of a computer system or network.
Coverage for defence costs and damages for third party claims alleging libel, slander, copyright, or trademark infringement arising out of content distributed by the insured.
First party cover (Own Costs)
Incident Response Costs (forensic IT, legal, PR, notification & credit monitoring costs)
Coverage for costs to appoint a forensic IT, legal and public relations to determine if a breach occurred, to contain the damage, and to provide notification to the affected individuals or entities. This cost also includes credit monitoring costs for affected individuals to monitor their credit profiles.
Coverage for costs to respond to a governmental audit or investigation arising out of a privacy event. Coverage for fines and penalties insured are capped to the extent allowed by local jurisdiction.
Electronic Data Reconstitution
Coverage for cost to restore and/or recreate electronic data after a failure or violation of the security of a computer system.
PCI Data Security Standards
Coverage for Payment Card Industry Data Security Standard fines, penalties and/or assessments.
Loss of Income & Extra Expenses
Coverage for loss of income/revenue and extra expenses incurred by the insured following a security failure, system failure, or resulting from a covered event affecting an outsource provider (usually after a waiting period and subject to a monetary retention).
Coverage incurred by the insured for money paid with the insurer’s consent to resolve a cybersecurity extortion threat, including costs to investigate the cause of the threat.
Healthcare is a sector frequently targeted by cyberattackers, according to reports from cybersecurity research firms such as Crowdstrike. Not only can cyber risks cause large and unexpected financial losses and costs for medical practitioners and healthcare institutions, an attack or breach may also lead to severe operational disruption and/or reputational damage to your business. It is hence vital that medical practitioners in Malaysia begin taking steps to insure against cyber liabilities as part of their digitalization journeys.
With comprehensive first- and third-person cover available, Marsh’s Cyber for Clinics offers medical establishments and practitioners in Malaysia essential insurance protection against cyber risks. Marsh’s in-house cyber risk and security expertise can additionally help you identify and mitigate cyber risks in your business and its existing processes, and subsequently assist in securing the appropriate coverage.
Contact a Marsh representative today to find out what cyber risks you may be exposed to and how Medefend’s Cyber for Clinics insurance cover can that safeguard you and your medical establishment against hefty and potentially damaging costs arising from cyber and digital threats.