Cyber Liability Insurance

Cyber Liability Insurance and it’s relevance to physicians

Physicians manage hundreds of clients files and the information obtained is sensitive to HIPPA Privacy Policies. With the potential for Network Breaches and companies becoming more dependent on technology for content management, it is critical that physicians in California take technological and procedural steps to mitigate the possibility of a breach. It is impossible to secure any network entirely. Partner with a respected and stable partner to mitigate this potential risk.

California Attending Physicians encompasses a Physician’s Risk Management all into one package, when available. With the same amount of tools available to search and mitigate risks for Cyber Liability, our Dedicated Specialists can guide you in the appropriate assessment to protect your assets and investments.

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What are the Coverages available for physicians and medical organizations

Network Security & Privacy Liability pays for liabilities arising out of demands or lawsuits as a result of a breach of your network or private data. It can cover defense expenses, settlement amounts, regulatory claim defense expense, and privacy regulation fines and penalties.

First Party Expenses covers unavoidable expenses associated with data breaches such as costs to notify affected customers by mail (required by law), computer security expert expenses to find and fix the source of the breach and prevent future breaches and credit monitoring. It can also cover the lost income as a result of a network breach.

This means Physicians part of California Attending Physicians do not have to have any of the burden of handling the mitigation of risk, pre-present-post.

“The research identified a number of factors that reduced the average $141 per-record cost of a data breach. For starters, having an incident response team — either in-house, via a third party or a combination of both — can shave off $19.30 per record. Even for a breach of 10,000 records, that represents savings to the tune of $193,000 — or $1.9 million for a breach of 100,000 records.” - 2017 Ponemon Institute Cost of a Data Breach Study

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Why do all the hard work? Our business model allows us to shop multiple insurance providers without any additional costs to you. Insurance premiums are set from the insurer with pre determined commissions to the agents. Let us work for you!

CyberSecurity & Medical Devices

Physicians in California with Small, Independent Private Practices & Large Medical Entities must acknowledge their old electronic devices used in the office and the corresponding HIPPA compliance standards required.

The guidance defines cybersecurity as “the process of preventing unauthorized access, modification, misuse or denial of use, or the unauthorized use of information that is stored, accessed, or transferred from a medical device to an external recipient.” Translated into “HIPAA language,” this requires the availability and integrity of the device—and its data—remain intact. - Oct. 18, 2018, entitled Content of Premarket Submissions for Management of Cybersecurity in Medical Devices – Draft Guidance for Industry and Food and Drug Administration Staff. ***

Member Benefits regarding Cyber Liability

California Attending Physicians Insurance Brokers specialty is Malpractice & Commercial Insurance for Physicians. But to effectively look out for the interest of our members, we provide more than just Insurance Services. Our Dedicated Specialists provides Risk Management & Business Development Services, complimentary for all of our clients.

Visit our School of Med Mal to learn more!

*Data rates may apply
**https://securityintelligence.com/media/2017-ponemon-institute-cost-of-a-data-breach-study/
***http://www.physicianspractice.com/law-malpractice/cybersecurity-and-medical-devices-what-physicians-need-know