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Privacy Breaches: Risky Business for Healthcare Organizations

Privacy Breaches: Risky Business for Healthcare Organizations All industries are at risk for data breaches, some more than others, depending on the type of information they store. Healthcare organizations particularly are susceptible to cyber-related security breaches and data loss due to the use of electronic records. As a healthcare entity, you have the potential to expose vital data including medical records, social security numbers, credit card information, and other confidential patient and/or business information. And, although most states and now the SEC have laws that require notification of security breaches involving personal information, exposing corporate board members and executive management to a fiduciary risk if there’s a lack of proper cyber data protection, many companies still don’t carry the appropriate coverage. Some think they have coverage through their General Liability policies, others think that the precautionary measure they take are enough to prevent breaches.

But traditional liability insurance does not provide the protection needed for cyber data protection. Privacy insurance (or Cyber Liability as it’s also known) is needed to provide coverage for exposure from:

  • Hackers who attempt to steal other people’s personal information
  • Employees
  • Third Party Vendors: Outsourcing services such as the disposal of sensitive documents, cloud computing, credit card processing, or temporary staff can all pose a risk

The types of data protected by cyber liability coverage includes:

  • Laptops
  • Paper Files
  • Wireless Networks
  • Cloud Software
  • Smartphones

Axis Insurance Services provides cyber liability (privacy) for all types of companies, and can review with you what is needed to accurately protect your firm. Give us a call at: (877) 787-5258.

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Blogged on: May 29, 2012 by Mike Smith
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