Compliance and Cyber Coverage Breakdown

 

As we live in the Digital Age, data breaches within the healthcare industry are becoming far too common. Healthcare organizations have an average cost of $355 per lost or stolen record according to the Ponemon Institute: 2016 Cost of Data Breach Study. It also stated that healthcare has the costliest data breaches because of fines and the higher than average rate of lost business and customers. There are three main causes of a data breach: a malicious or criminal attack, system glitch or human error. You may be asking yourself, what could or should you do in order to mitigate the risk?

Most Medical Malpractice polices already have some complimentary coverage included. Clients of our sister company MedMal Direct, receive $50,000 complimentary Cyber and Compliance coverage with their professional liability policy. While $50,000 can be sufficient for a smaller practice, it can easily be exhausted with 1 claim from a larger establishment. CorePRO is able to provide increased limits that compliment what is already provided in MedMal Direct’s policy. Contact us today to get the process started!

 

	Coverage	Details
Regulatory Coverage	Defense of Medical Board Action/Disciplinary Action	Coverage for legal expenses.
	HIPAA/EMTALA Action	Coverage for legal expenses.
	Allegations of Medicare/ Medicaid Fraud and Abuse	Coverage for legal expenses arising out of Medicare or Medicaid investigations due to alleged billing errors and omissions.
	Coverage	Details
Cyber  Coverage	Multimedia Insurance	Coverage for claims alleging copyright or trademark infringement, libel or slander, or plagiarism. Covers both online and offl ine media.
	Security & Privacy Liability	Coverage for damages, expenses and claims resulting from a breach of a third party’s privacy as a result of: 1. Unauthorized access or use of your computer system 2. Failure to disclose a security breach in a timely manner 3. Failure to prevent transmission of malicious code 4. Failure to prevent your computer system from participating in a denial of service attack
	Privacy Regulatory Defense and Penalties	Coverage for defense expenses and regulatory fi nes and penalties for regulatory proceedings resulting from privacy law violations
	Privacy Breach Response Costs	Coverage for costs associated with a privacy breach response, including: 1. Patient notification expenses 2. Patient call center support and credit monitoring
	Network Asset Protection	Coverage for amounts incurred to recover and/or replace data that is compromised, damaged, lost, erased or corrupted due to accidental damage or destruction of electronic media or computer hardware, administrative or operational mistakes in the handling of electronic data, or computer crime/attacks.
	Cyber Extortion	Coverage for extortion expenses and extortion monies as a direct result of a credible cyber extortion threat.
	Cyber Terrorism	Coverage for income loss and interruption expenses as a result of an interruption of the insured’s computer system due to a cyber-terrorism attack.