Posted on: January 23, 2017 by Manchester Specialty
In previous articles, we’ve discussed the prevalence of data breaches in the health care industry and the importance of having a strong cyber risk management and insurance program in place. We’re revisiting the topic in the wake of a new survey of compliance professionals conducted by the Society of Corporate Compliance and Ethics® and the Health Care Compliance Association to better understand the impact and frequency of data breaches. The organizations first conducted the survey in 2012 and then again late last year to see if anything had changed during the last four years. Surprisingly enough, they found that very little has changed during this time with regard to managing this issue and the number of incidents that have occurred.
Mitigating cyber risks from all fronts – whether due to employee error or external threats – is an integral part of any health care organization’s risk management and compliance plan. This includes home health care providers and hospices, which possess a patient’s protected health information (PHI) – valuable data that can land in the wrong hands if not properly handled. Not only does an organization face regulatory investigations and potential HIPAA and HITECH fines and penalties if data is breached, it also will incur significant expenses to remedy the situation, including the costs involved in patient notification, credit monitoring, crisis management, and business interruption, among others. Cyber Liability insurance is designed to address these and other costs.
At Manchester Specialty, we specialize in providing end-to-end insurance solutions for the home health care industry including Cyber Liability. Additionally, we offer access to invaluable cyber risk management and loss prevention assistance through our insurance carrier partners and third-party consultants that includes services such as computer forensics to vet the source of the breach and assess the damage, mandatory breach notification, remediation and resolution services, and crisis communication expertise. For more information about our business insurance lines, you or your local agent/broker may contact us at 855.972.9399.
Posted in: Cyber Liability