New AOAExcel cyber liability insurance minimizes the crippling effect of cyberattacks on optometric practices

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AOAExcel, a member-benefit and for-profit subsidiary of the American Optometric Association (AOA), is proud to announce a new Cyber Liability insurance product designed to help shield optometric practices against the financial and reputational risks stemming from cyberattacks.

Offered through Lockton Affinity, AOA’s trusted business insurance partner, and underwritten by a cyber insurance industry leader, this cyber liability policy offers comprehensive coverage tailored for AOA member practice owners that rivals anything currently available on the market. Offered at two competitive price points and with a quick and simple online application process, obtaining robust cyber liability insurance has never been easier for AOA members.

“One of the scariest challenges a practice owner can face is discovering their practice has been targeted by cybercriminals,” said Sam Pierce, OD, AOA Past President and Chairman of the Board for AOAExcel. “We’re proud to present our members with access to this coverage to help ODs protect themselves against the growing trend of cyberattacks.”

Small businesses account for 43% of cyberattacks, according to cybersecurity firm Astra, and it’s estimated that over 28% of all data breaches occur in healthcare, per a 2023 Varonis report. Because patient health data is valuable and only 14% of small businesses are prepared to face a cyberattack, according to Astra, small healthcare organizations are particularly vulnerable. For practices without cyber liability insurance or the resources required to handle incident response, the consequences can be devastating.

With this new cyber liability coverage, the moment an OD suspects a breach they can reach out to the carrier’s extensive network of cyber response professionals who will facilitate cyber incident response protocols for the practice, including investigation into the source of the breach, IT support to repair damage and enhance cybersecurity measures, legally required patient notification and credit and identity monitoring, and public relations support. Just one phone call sets the entire response into motion, allowing practice owners to return their focus to providing patient care. Having an efficient, experienced team of cyber response professionals just a phone call away reduces the amount of time and energy a practice owner needs to spend restoring their practice and allows them to return to patient care as quickly as possible.

“Finding a cyber liability policy with adequate coverage isn’t easy,” said Kevin Johnson, Program Executive at Lockton Affinity. “It’s rare to find coverage this extensive, offered at such competitive rates, with a simple application process.”

AOA members can learn more and obtain this world-class Cyber Liability insurance coverage through the AOA Insurance Program by visiting aoainsurancealliance.com/cyber-liability-insurance or calling 888-343-1998.

AOAExcel is a member benefit of the American Optometric Association that provides members with the tools they need to practice with confidence. AOAExcel and its business partners provide members with resources including the AOAExcel Career Center, malpractice insurance, retirement planning, personal financial tools, group term life and long-term disability insurance, and more.

Lockton Affinity has partnered with AOAExcel for over ten years to provide coverage designed for doctors of optometry. Coverages available to AOA members through Lockton Affinity include malpractice insurance, business owner’s policies, employment practices liability insurance, and cyber liability insurance.