Insurance Products / Cyber Risk Cover for Medical Practices
 

Cyber Risk Cover for Medical Practices

While you can’t avoid cyber risk, you can make sure your practice is prepared for and protected against cyber attacks.

Why is cyber risk cover important for medical practices?

Cyber risk is a growing threat to Australian medical practices further increased by the adoption of electronic health records and billing systems, and the Federal Government’s mandatory data breach obligations. 

Complimentary Cyber Risk Cover

MDA National Practice Policyholders are protected with complimentary Cyber Risk Protection until 30 June 2020 including:

  • Practical resources to equip you with the know-how to mitigate cyber risk and mandatory privacy breach obligations

  • Cyber Risk Cover up to $100,000* in the aggregate against privacy breaches, network security liability, media liability, cyber extortion, data loss, business interruption and incident responses which includes:

    • 24 hour cyber crisis assistance should your practice come under cyberattack 1800 027 428
    • expert cyber risk claims managers  to support your practice through a cyberattack.

 

*Cyber Enterprise Risk Management Insurance Policy is arranged by Jardine Lloyd Thompson Pty Limited (ABN 69 009 098 864, AFSL 226 827), underwritten by Chubb Insurance Australia Limited (ABN 23 001 642 020) and can be accessed by new and current MDA National Practice Policyholders until the earlier of 30/06/19 or their ceasing to hold a current MDA National Practice Indemnity Policy. The Cyber Enterprise Risk Management Insurance Policy terms, conditions, exclusions, limits and deductibles apply.

MDA National insurance products are underwritten by MDA National Insurance Pty Ltd (MDA National Insurance) ABN 56 058 271 417 AFS Licence No. 238073, a wholly owned subsidiary of MDA National Limited ABN 67 055 801 771. Before making a decision to buy or hold any products issued by MDA National Insurance, please consider your personal circumstances and read the Important Information and Policy Wording and the Supplementary Important Information and Endorsement to the Policy Wording available at mdanational.com.au.    

 

Frequently Asked Questions

 

MDA National Insurance has arranged a complimentary cyber risk policy for all MDA National Insurance Practice Indemnity policyholders until 30 June 2020. There is no need to apply or opt-in. All existing policyholders have access to cyber cover and any new policy that commences after 1 January 2019 will also have cover up to 30 June 2020.


The Cyber Risk Cover protects your practice from a range of risks and ensures you have access to 24 hour cyber crisis assistance for back-up, urgent advice and ongoing support. The cover protects your practice against cyber related:

  • Privacy liability
  • Network security liability
  • Media liability
  • Cyber extortion
  • Data asset loss
  • Business interruption
  • Incident response expenses

MDA National Insurance has purchased a policy through Jardine Lloyd Thompson Pty Ltd from Chubb Insurance Australia Limited, for the benefit of all MDA National practice policyholders. MDA National Insurance is not the insurer for the cyber policy.

Cybercrime is a business risk and it is important that our Members and their practices are aware of cyber risks and implement effective risk mitigation strategies. Acquiring cyber insurance is one way MDA National is protecting our practice insureds against the effects of cyber-attacks.

MDA National provides educational support and practical resources to doctor Members and Practice policyholders to help mitigate cyber risk. Search for “cyber” in our Resources library for case studies, articles, blogs and podcasts to help you prepare your practice staff, doctors and medical practice for cyber risk. Also, keep an eye on What’s On for upcoming education sessions.

Practices that took out a policy after, or have held a policy since 01 January 2018 will benefit from the cyber cover from the time their MDA National Insurance Practice Indemnity Policy commenced until the earlier of 30 June 2020 or their ceasing to hold an MDA National Insurance Practice Policy.

The Cyber Risk Cover is provided at no cost until 30 June 2020 for practices who are currently insured by MDA National Insurance, or who take out an MDA National Practice Policy between 01 January 2019 and 30 June 2020.

The cover for each practice is up to $100,000* in the aggregate for the policy period. A total aggregate limit of $20,000,000 applies to the Cyber Risk Cover which encompasses all eligible Practice Policyholders.

*Cyber Enterprise Risk Management Insurance Policy is arranged by Jardine Lloyd Thompson Pty Limited (ABN 69 009 098 864, AFSL 226 827), underwritten by Chubb Insurance Australia Limited (ABN 23 001 642 020) and can be accessed by new and current MDA National Practice Policyholders until the earlier of 30/06/19 or their ceasing to hold a current MDA National Practice Indemnity Policy. The Cyber Enterprise Risk Management Insurance Policy terms, conditions, exclusions, limits and deductibles apply.

MDA National insurance products are underwritten by MDA National Insurance Pty Ltd (MDA National Insurance) ABN 56 058 271 417 AFS Licence No. 238073, a wholly owned subsidiary of MDA National Limited ABN 67 055 801 771. Before making a decision to buy or hold any products issued by MDA National Insurance, please consider your personal circumstances and read the Important Information and Policy Wording and the Supplementary Important Information and Endorsement to the Policy Wording available at mdanational.com.au.

Yes there is a $5,000 deductible for each claim and a 12 hour waiting period before Business Interruption cover applies.

MDA National Practice Policyholders have 24 hour access to cyber crisis assistance on 1800 027 428 

This hotline is provided by a third party who are engaged by Chubb (the Underwriter), who will appoint an Incident Response Manager to assess your practice’s situation and advise next steps. Your MDA National Insurance Practice Policy Certificate of Insurance may be requested to confirm your practice’s eligibility so have that on-hand when you call for cyber crisis assistance. 
The Incident Response Manager will assist you and liaise with Chubb (the Underwriter) and JLT (the Broker) and guide you through the claim process. You are also welcome to contact  JLT directly on 08 9426 0929 or 08 9426 0945.
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