What Is Cyber Liability Insurance and Why Do Optometric Practices Need It?

Technology has revolutionized the way optometric practices manage patient data, schedule appointments, and streamline daily operations. Unfortunately, as technology has advanced cyber crime has become more extensive and sophisticated, and optometric practices are prime targets given the sensitive patient and financial data they handle on a daily basis.

Consider the following scenario: One of your staff members opens an email that appears to be from one of your regular vendors and downloads the attached invoice. You soon discover that the email was deployed by a cyber criminal when the attachment installs ransomware, encrypting your files and data until you pay a ransom in exchange for the release of your stolen data. How would you respond to this type of attack?

What is a cyber attack?

A cyber attack occurs when a cyber criminal intentionally and maliciously breaches your practice’s network to view, alter, or steal your data, including but not limited to your patient data and financial information. Some of the cyber attacks that optometric practices are most vulnerable to are:

• Phishing attacks – Cyber criminals impersonate trusted contacts via email, phone (vishing), or text message (smishing), tricking recipients into providing information such as login credentials, passwords, credit card numbers, security codes, or other sensitive information.
• Malware attacks – Malware is software designed to harm a computer, network, or user. It can slow down or break computers and networks and damage cybersecurity protections, creating access points for hackers.
• Ransomware attacks – Ransomware is a type of malware that, once installed on a computer or network, allows a cybercriminal to encrypt files and data to prevent access by the data’s legitimate owner until a ransom has been paid. Unfortunately, paying a ransom does not guarantee that the files will be released back to their rightful owner and the stolen data may be publicly exposed.

Check out AOAExcel’s Cyber Liability Insurance Solution

How can cyber liability insurance help?

The financial and emotional burdens resulting from a cyber attack on an optometric practice can be overwhelming. Responding to a breach may involve:

• A forensic investigation to discover how the breach occurred
• IT resources to repair damage to an affected computer or network
• Enhanced cybersecurity resources to prevent future incidents
• Legally required notification of patients

In some circumstances, an affected practice may even have to stop seeing patients while handling the fallout from a breach.

Robust cyber liability insurance can help absorb the financial impact of a cyber attack and provide expert guidance to navigate the crisis effectively. With the right coverage, your practice can mitigate risks, recover quickly, and resume patient care with minimal disruption.

Learn more about Cyber Liability Insurance

What are my options as an AOA member?

Lockton Affinity has partnered with Beazley, a leading expert in cyber insurance, to provide AOA members with cyber liability insurance options designed to protect optometric practices in the case of a cyber attack and streamline breach response. Policy holders have access to Beazley’s extensive network of cyber response professionals to guide them through the necessary steps following a cyber attack – allowing the experts to resolve the situation quickly and efficiently once they are notified.

Don’t wait until it’s too late to protect your practice from a cyber attack. Learn more about your coverage options.

The AOA Insurance Alliance is administered by Lockton Affinity, LLC d/b/a Lockton Affinity Insurance Brokers LLC in California #0795478. Coverage is subject to actual policy terms and conditions. Policy benefits are the sole responsibility of the issuing insurance company. Coverage may be provided by an excess/surplus lines insurer which is not licensed by or subject to the supervision of the insurance department of your state of residence. Policy coverage forms and rates may not be subject to regulation by the insurance department of your state of residence. Excess/Surplus lines insurers do not generally participate in state guaranty funds and therefore insureds are not protected by such funds in the event of the insurer’s insolvency. The American Optometric Association will receive a royalty fee for the licensing of its name and trademarks as part of the insurance program offered to the extent permitted by applicable law.