Medical Billing Forum

General Category => General Questions => : Christy May 29, 2013, 11:37:08 AM

: Cyber Insurance Policy?
: Christy May 29, 2013, 11:37:08 AM

Who has cyber liability on their business insurance policy? It's a new type of coverage and seems like a good idea. It covers cost of breach notifications, data theft, pays in the event that the medical billing company somehow lost/damaged a client's files/software...

: Re: Cyber Insurance Policy?
: Billergirlnyc May 30, 2013, 09:37:45 AM

I added this to our policy as well. Thankfully no issues but it's an added bonus and more padding for the biz - IMO.

PS: So good to see you on the boards again, Christy and you seem to be making tons of progress, VERY HAPPY for you!  ;D

: Re: Cyber Insurance Policy?
: PMRNC May 30, 2013, 11:58:25 AM

I have a similar Ryder on my policy as well, it's not separate coverage but just a rider. Just remember it's only insurance to help cover legal expenses, it will not cover you against compliance breaches and sanctions and you have to have a compliance plan/model. My carrier makes me update mine every 2 years.

: Re: Cyber Insurance Policy?
: Christy May 30, 2013, 12:43:52 PM

thanks Miss Dee ;D  and Linda!

It covers data breach response and data breach defense....

: Re: Cyber Insurance Policy?
: PMRNC May 30, 2013, 02:04:43 PM

It covers data breach response and data breach defense....

Correct.. with the operative word being "defense" Just like any other "insurance" there are some that believe it's a bullet proof vest. If you don't take steps (not pointing you out at all!!! Just for some who may not know) in ALL proper procedures of compliance, have a compliance plan, there is no defense against sanctions, penalties, etc. So if you have this policy and rider but no compliance plan and you ever have a problem.. "you are up shits creek without a paddle" Pardon my French. And of course it goes w/out saying that there is no defense for fraud/abuse.

: Re: Cyber Insurance Policy?
: Billergirlnyc May 31, 2013, 08:21:04 PM

You're welcome, Christy.

I also agree w/Linda, if you aren't compliant then nothing will help in court. I think, in general, a lot of people are confused about what compliance means, but that's a whole other topic.  ;D

: Re: Cyber Insurance Policy?
: davis.alexander July 10, 2013, 08:37:12 AM

Policy forms for cyber-related insurance are claims-made and reported, with coverage available on a worldwide basis It deals with Network Security & Privacy Coverage,Privacy Regulatory Proceeding Coverage,Media Liability Coverage- See more at: AON website.