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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 2021 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 30/06/21 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
Who is covered?
MDA National Insurance has arranged a complimentary cyber risk policy for all MDA National Insurance Practice Indemnity policyholders until 30 June 2021. 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 2021.
What does the Cyber Risk Policy Cover?
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
Who is providing and underwriting the cyber risk cover?
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.
Why is MDA National providing cyber risk cover?
What else can I do to protect my practice from cyber risk?
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.
How long will the cyber risk cover be in effect for existing or new practice policy holders?
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 2021 or their ceasing to hold an MDA National Insurance Practice Policy.
How much does the cover cost?
What is the coverage limit?
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 30/06/21 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.
Is there a deductible or waiting period?
Yes there is a $5,000 deductible for each claim and a 12 hour waiting period before Business Interruption cover applies.