Business Insurance
Defend Your Practice Against Cyber Attacks with Cyber Liability Insurance
If your practice stores patient or financial information, you need Cyber Liability Insurance.
An absolutely essential component of your risk management program, this coverage protects your financial stability and business continuity after a data breach or cyber attack. Without it, you risk everything — cash flow, reputation, and the future of your business. In today’s hyperconnected world, nearly every business has cyber exposure — including your practice.
Laptops. Phones. Tablets. Software. Cloud computing. AI. They all expose your business to risk. Breaches can be accidental, like a lost phone or laptop. Or they can come from nefarious outside parties, like malware viruses, phishing scams, unauthorized logins, watering hole attacks, and ransomware attacks.
Cyber attacks like data breaches and hacks can have devastating results, including business disruption, lost revenue, and regulatory fines. Additional expenses can include legal, forensics, and IT support. Losses can quickly add up from headache-level to catastrophic.
According to the Federal Bureau of Investigation’s 2025 Internet Crime Report, healthcare is the top target for cyber crime — outranking financial services. Across all cyber crime, phishing/spoofing is the most common by more than double the second most common, which is ransomware extortion. Cyber attacks are unfortunately increasing in frequency, sophistication, and severity as technology like AI continues to advance and, specifically in healthcare, as telemedicine continues to add risk.
Practices of all sizes are at risk for cyber attack — there is no such thing as being “too small,” as some practices assume. Patient data is a high-value target for criminals. Why?
Patient data is 10 to 50 times more valuable on the dark web than credit card information. A stolen credit card can be cancelled. But patient data is a jackpot that enables long-term abuse, including identity theft, medical identity theft, insurance fraud, and extortion.
MSVIA’s Cyber Insurance protects you and your practice in these key ways:
- Data Breach: helps you respond to a breach more effectively
- Business Interruption Loss: provides reimbursement for IT failures that disrupt business operations and cause customer attrition, including loss of income and increased operations costs that result from the attack
- Cyber Extortion: helps you recoup losses due to ransomware and malware attacks, which steal and withhold key data until steep fees are paid to recover access
- HIPAA: provides coverage for fines, penalties, and legal support related to HIPAA violations when patient data is exposed
- Third Party: provides coverage for litigation from patients whose financial data or personal health information was exposed in a breach or attack
It’s important to note that while standalone Cyber Liability Insurance policies are created to offer immediate resources and assistance after a breach, policies can vary significantly in their sublimits, the maximum amount an insurer will pay, and retentions, the out-of-pocket expenses you pay before insurance kicks in. Within our diverse network of carriers we can help you not only understand policy differences, but do comparison shopping for you — saving you valuable time.
Cyber Liability Insurance is essential to protect your practice’s financial stability as well as both your short-term and long-term business continuity, so you can continue to deliver the level of service your patients rely on, and provide the income on which your employees and your family depend.
For every business owner, being prepared and knowing you’re covered if something does happen gives you valuable, vital peace of mind. Our team of Virginia healthcare insurance experts will help you identify and understand the options that offer you best protection.
We think beyond the short-term to position you and your practice for security, stability, and strength on the road ahead. More than the products we provide, we’re the partnership that protects.
- Providers with Employer Insurance: You do not need additional personal coverage with Cyber Insurance. Your employer should have this coverage for the business.
- Independent Providers: You need a Cyber Insurance policy to protect your practice. Small healthcare practices are particularly vulnerable to cyber attacks because they often don’t have dedicated or sufficient IT resources, up-to-date software, or advanced cybersecurity measures in place versus larger practices.
- Small Practices and Physician Groups: You need a Cyber Insurance policy to protect your practice. Small healthcare practices are particularly vulnerable to cyber attacks because they often don’t have dedicated or sufficient IT resources, up-to-date software, or advanced cybersecurity measures in place versus larger practices.
- Large Practices and Health Systems: You need a Cyber Insurance policy to protect your practice, even if you have dedicated IT resources focused on prevention, as unfortunately no prevention strategy is completely failsafe.
- Students: Full-time and part-time students do not need Cyber Insurance to protect yourself where you are working and learning, as that school or business should have coverage.
Our Carriers
Choose MSVIA for Your Cyber Liability Insurance
Our niche makes us next-level partners. From large healthcare systems to independent practices, insurance for Virginia providers is all we do. Our team is at the forefront of Virginia’s advocacy and legislative changes and how they impact your business, and our due diligence comes from the real-life experience of providers right here in the Commonwealth.
With deep first-hand knowledge of Virginia’s complex healthcare and legislative landscape, we ask the right questions, to help you find the right answers, to ensure you choose the right options for your practice. We help you navigate complexity, manage emerging risks, and avoid losses. Don’t just get insurance, get it right.