Cyber liability
"The healthcare industry continues to overlook critical gaps in data security, risk, and escalating costs associated with a data breach"
Source: Kroll 2010 Analytics Report: Security of Patient Data
How can we help you?
For more information, contact the Premier Solution Center at 877.777.1552 or insurance@premierinc.com.
Why does your healthcare organization need cyber liability insurance?
Today’s growing reliance on technology has increased the potential for data security and privacy breaches. The growing need for cyber liability insurance is seen daily in newspapers, Internet news channels and other media. Stolen company laptops, rogue employees and hacker breaches are compromising the records of clients and their sensitive information.
Cyber liability insurance coverage provides broad protection for e-business risk not found in traditional insurance, such as property, crime, D&O, and other liability policies. In fact, Boards of Directors and executive management have a fiduciary responsibility to ensure protection is in place. The absence of protection leaves the personal assets of these individuals open for lawsuits from patients or employees whose information has been compromised.
When a breach does happen, you must act immediately to minimize damages, recover data and restore patient or employee confidence. State and federal regulations set strict requirements on personal notification methods and timeliness.
Can your organization meet these requirements and absorb the financial impact?
- Average cost per lost customer record is $214
- The total cost per breach is $7.2M
Source: The Ponemon Institute 2010 Study: The cost of a Data Breach
Data privacy and network risk is one of the top five risks in healthcare today!
What makes our insurance program different?
Premier Insurance Management Services, Inc. understands the cyber insurance needs of healthcare organizations. One of the unique features of this program policy is the integrated, full risk management approach. Our program provides experienced resources ready to handle incident response, crisis management and public relations. Is your Cyber Liability protection providing you with legal, public relations, and technical support services to manage and mitigate data privacy exposures?
Coverage highlights include:
- First and third party coverage
- Actions of rogue employees
- Coverage for personal and advertising injury, copyright and trademark infringement
- Financial damages arising from unauthorized disclosure or general corruption of personal data
- Defense costs and damages for regulatory agency investigations or requests associated with the control and use of personally identifiable information