cyber hacking Archives - Gracey-Backer, Inc.

I am a Florida Dentist. I don’t need to buy Cyber Liability and Data Security insurance because I can take care of a breach myself!

John Gracey Backer, CPA — Mon, 02 Dec 2013 05:00:48 +0000

While you can certainly tackle a data breach yourself, the chances are you will not want to invest the time. For example, the Federal Trade Commission estimates that it takes an average of 400 hours to correct a single identity theft. This is valuable time that you can better spend tending to your business. In addition to time required to fix a cyber breach, you must act quickly so your business is not adversely affected. It is far wiser to pick up the phone and call the company that provides your Cyber Liability and Data Security Insurance to remedy a data breach situation.

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How does a Cyber Liability Insurance Policy protect Florida doctors against third party claims?

Barbara Gracey Backer — Mon, 02 Dec 2013 04:00:21 +0000

The potential for committing libel or slander against someone else is greatly increased by the advent of the internet. With so much publication on the internet, there is greater than ever chance of being accused of plagiarism. Florida healthcare providers can, without knowing it, inadvertently release patient or employee information which should be kept private. Even if someone hacks into your system and does damage to a third party, you can still be held responsible because you did not take adequate precautions to prevent the hack.

A Florida Cyber Liability Insurance Policy provides defense protection and will indemnify the insured if he is sued by a third party who has suffered damages caused by any of the above situations.

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Cyber Liability Threat to Healthcare Professionals

Barbara Gracey Backer — Mon, 17 Jun 2013 00:01:04 +0000

Healthcare professionals are increasingly vulnerable to cyber hacking, especially now that they are keeping electronic medical records, engaging in telemedicine, transmitting information by email formerly transmitted face-to-face, and creating sophisticated websites. Exposures include e-theft, destruction of patient data, libel and slander, e-vandalism, patent infringement, denial of services, and other growing threats.

Threats from data breaches come from unexpected places, and are all-encompassing

Threats from outside the office-Including hacks from criminals and former employees with access to company information.
Threats from inside the office-Including employees, management, independent contractors, and interns who have access to sensitive patient data.
Third Party-Including suppliers, vendors, host providers, and outsourced IT organizations or persons.

Each of these threats can lead to claims for breach of privacy, identity theft, infringement of intellectual property rights and inappropriate billing, among others.

To protect against cyber liability threats, healthcare professionals are investing in Cyber Liability Insurance. This policy combines third party (cyber liability) and first party (cyber crime expense) coverages into one policy, and provides risk management support to reduce the risk or cyber claims.

For more information, contact Gracey-Backer, Inc.

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What is Cyber Liability Insurance and Why Do I need it?

Wendy Ring — Mon, 10 Jun 2013 00:01:15 +0000

All dental offices, regardless of their size, their specialty or their location need to ask themselves whether they need cyber liability insurance. Dental offices are especially vulnerable to a cyber loss because they deal with personal, financial, and health-related information. Because this information is usually kept for a long period of time, the dental office exposure is amplified. Healthcare data breaches are on the rise, robbing the patient of their privacy, exacerbating medical identity theft, and costing the healthcare industry billions of dollars annually.

What is Cyber Liability insurance?

The generic term “Cyber Liability” insurance addresses risks associated with confidential information or data in its various forms, either digital or paper.

Coverage includes:

Notification Costs
Credit monitoring costs (typically $20-$30 per record)
Defense costs
Regulatory Fines and penalties
Crisis coverage/public relations for damaged reputations

Data breaches can happen to anyone and occur frequently. They are typically caused by:

Lost or stolen laptops, media, back-up tapes and thumb drives
Improper disposal of personal records
Computer hacking
Computer viruses
Employee misuse

Privacy coverage is generally excluded by office property and liability, business interruption, and dental malpractice insurance policies.

The universe of potential plaintiffs is overwhelming when one considers the number of people and organizations on the internet.

Please call us for more information on cyber liability insurance for your practice. Coverage is expanding as the insurance industry achieves a better understanding of cyber losses.

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