Jun
6
2017

In addition to a safe physical environment, protecting your data is essential to practice success.

You may hear about high-profile data breaches in the news, but probably don’t think hackers are also targeting you. The fact is, cyber criminals prey on small business owners. In fact, small businesses are even more vulnerable, with fewer controls and less sophisticated security to protect their systems and data. And while your data breach might not make the evening news or cost you millions of dollars, a single data breach event could easily cripple your veterinary practice.

If a business accepts credit card transactions or has access to sensitive personal information, such as social security numbers, financial data, or medical records, it is vulnerable to a data breach. Cyber criminals work fast to get this data into the black market, where even a small volume of customer data can yield a healthy profit.

Consider the following scenario: A veterinary practice owner accidentally installs malware on the practice’s point-of-sale (POS) devices. This allows unauthorized access to a customer’s name and credit card number as they swipe their card during the purchasing transaction. The practice owner starts to panic when the data breach is discovered. Now what?

The expenses begin to add up quickly with a possible lawsuit looming. The practice owner is quickly looking at $8,500 in out-of-pocket expense, with more for legal fees.

The hit to the practice’s reputation and subsequent loss of sales can devastate its bottom line. Here are some of the remediation costs the practice owner may face:

  • Notifying customers that personal data was compromised
  • Providing credit monitoring services
  • Hiring security experts or IT consultants
  • Potential lawsuits from customers seeking monetary damages

As cyber attacks continue to escalate in frequency and severity, you can’t afford not to protect your small business from a data breach. Speak with an AAHA Business Insurance expert today to get a free quote on cyber liability insurance and ensure your practice is protected. Call HUB International at 866-380-AAHA (2242) or visit aahainsurance.org.

Information provided by The Travelers Indemnity Company.

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