Author Topic: Cyber Insurance Policy?  (Read 1589 times)

Christy

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Cyber Insurance Policy?
« on: May 29, 2013, 08:37:08 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...

Billergirlnyc

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Re: Cyber Insurance Policy?
« Reply #1 on: May 30, 2013, 06:37:45 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
Don't worry. Be happy.
~Dalia, CPC, CPC-H, RHIT.

PMRNC

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Re: Cyber Insurance Policy?
« Reply #2 on: May 30, 2013, 08:58:25 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.
Linda Walker
Practice Managers Resource & Networking Community
One Stop Resources, Education and Networking for Medical Billers
www.billerswebsite.com

Christy

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Re: Cyber Insurance Policy?
« Reply #3 on: May 30, 2013, 09:43:52 AM »
thanks Miss Dee ;D  and Linda!

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

PMRNC

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Re: Cyber Insurance Policy?
« Reply #4 on: May 30, 2013, 11:04:43 AM »
Quote
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.
Linda Walker
Practice Managers Resource & Networking Community
One Stop Resources, Education and Networking for Medical Billers
www.billerswebsite.com

Billergirlnyc

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Re: Cyber Insurance Policy?
« Reply #5 on: May 31, 2013, 05:21:04 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
Don't worry. Be happy.
~Dalia, CPC, CPC-H, RHIT.

davis.alexander

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Re: Cyber Insurance Policy?
« Reply #6 on: July 10, 2013, 05:37:12 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.