Cybersmart week and Business Life Plan

Cyber Security

Cyber Smart week is 21-27 October.  Cert NZ the Government Agency will be providing information on their website. The focus this year is to raise the importance of being secure on-line and encouraging the use of two-factor authentication and maintaining strong passwords.

Two factor authentication (2FA)

As the name implies requires the user to have something on top of the password and the username (the 2nd factor). So, as well as providing their username and password, they will often be asked to enter a special code from their phone or provide their fingerprint. You can add 2FA to all sorts of things but it’s especially important on systems that hold sensitive information such as patient data, financial data or private data.

Implement strict password policies

Put simply, you need strong passwords, and you need to change them regularly. It might be convenient to use “password” for everything but you’re putting your patients’ information at severe risk. You should aim to change your passwords every few months, and it’s a good idea to use a combination of letters, numbers, and symbols in your password. As far as remembering your passwords, there are various password managers that will help you keep track of everything.

Assessment tool

You can undertake a quick assessment using the interactive tool .  You also might like to consider insuring against cybercrime as part of your business insurance and you can find out more about this by contacting one of our business insurance specialists on businessinsurance@mas.co.nz

Key Person protection

For many practices the owners are essential for the ongoing financial success of the business. What would happen if one of your business owners were to suddenly leave due to death or disablement?  Our MAS Business Life cover can:

• provide a lump sum payment in the event of the death or total permanent disablement of a business shareholder to allow the other business partner(s) to fund the purchase of the deceased or disabled partners shares.
• provide loan protection should a shareholder or partner being a guarantor to a business loan.
• pay a lump sum to offset any additional costs incurred from losing a key person due to serious illness, injury, or death.

HealthyPractice has template practice and shareholder agreements for most practice structures that include clauses needed for Key Person cover and you can download these at Template agreements (healthypractice.co.nz)  At no additional cost we can help customise the relevant agreement prior to recommending legal review and execution.

Find out more about Business Life insurance

_{This article is intended as a guide only and does not form part of the policy document or any contract with MAS. It does not consider your specific financial situation, needs or goals. You can find out more about financial advice at MAS here. Normal underwriting criteria apply for all insurance products. Special conditions and/or excesses may apply to the situations that meets your specific needs.}