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Real-World Examples and Statistics

Consider the case of a mid-sized clinic that faced a cyberattack, resulting in the compromise of thousands of patient records. Without cyber liability insurance, the clinic incurred substantial costs for data recovery, legal fees, and patient notification1. In contrast, a similar clinic with comprehensive insurance coverage was able to mitigate these expenses and maintain its reputation. According to the Ponemon Institute, the average cost of a healthcare data breach in 2023 was $10.93 million2, underscoring the importance of having the right insurance coverage.

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