Cyber Insurance Helps Combat Data Theft Risks

The healthcare industry, which includes several different types of companies, including hospitals, hospices, assisted living facilities, and urgent care locations (to name a few), faces the risk of a network security breach every single day. The storing of personal health information of clients causes a great concern, especially should this information be accessed or stolen by hackers or others looking to profit from it.

The fact is, without proper security protocols, everyone is open to identity theft, as well as unauthorized use of any stolen confidential information. Other valuable information, such as tax identification numbers, credit card numbers, bank account numbers, and more are all at risk. Cyber insurance is dedicated to helping any and all firms protect against this growing exposure.

Exposures result in potential losses

Most state laws mandate that businesses must notify anyone whose private information has become compromised after a breach occurs. This obviously can be quite a costly undertaking, plus the damage to reputation will often be a further result due to the negative impact caused by such an occurrence. If your client has sensitive confidential information on their computers, servers, and laptops, as is the case with most companies nowadays, what steps are being taken to prevent such a theft from occurring?

These threats not only exist from unknown parties, but, also from people within their very own organization. Disgruntled or dishonest employees may look to profit from the theft of credit card numbers and other valuable private information, making cyber insurance important for internal concerns as well.

The Internet is now a standard for business transactions

Companies nationwide now depend on the ability to transact business via their websites, therefore they must enact policies and procedures related to managing private and confidential information in order to combat cyber theft. Most businesses today must contend with cyber-related exposures that will not be covered under any traditional business insurance policies. Since there is no standardized policy related specifically to cyber liability issues, coverage for these types of losses will vary from one insurance company to another. Speak to your clients involved with the healthcare industry to help them to better understand their exposures and suggest they secure cyber insurance coverage to combat any issues after a theft occurs.

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Nursing Homes Now Require Cyber Liability Insurance

Owners and operators of nursing homes have a real need for cyber liability insurance coverage to protect, not only their interests, but the interests of their residents as well. Every nursing home is different, both in size and the services they provide, but nearly all use computers and likely store a lot of sensitive information on their servers. Therefore, their coverage needs and requirements are very much the same. The fact is that most nursing facilities can benefit from some type of cyber liability policy, as this is a common concern and an issue that is constantly growing.

Cyber breaches are routinely dealt with on a daily basis

Cyber theft, cyber breaches and cyber crimes are practically a daily occurrence in one sector or another and news reports constantly express just what a serious and devastating problem this is for many businesses. Many companies carrying sensitive information, including medical records, will likely experience a data security breach at one time or another.

When a security breach does occur, having protection from an insurer specializing in handling cyber risks will help to minimize any gaps in current coverage, as well as protect your clients’ businesses against liability issues, along with any expenses arising from any theft or loss of data. Plus there are the additional concerns about expenses arising from a cyber breach, particularly for those entities that could be sued for not properly securing client information.

Cyber insurance provides protection from a growing number of cyber terrorists intent on stealing personal data and information for monetary gains. The list of potential losses from these types of exposures includes destruction of critical data, defamation, and fraud, just to mention some of the more serious issues.

Denial of service attacks or inability to access websites or systems (which may include the introduction of malicious code or viruses) can very well cripple an organization. Also, disclosure of confidential data, or unauthorized access to, or tampering with data, can affect the lives of clients, staff, and others. This could very well lead to a number of cases of fraud and identity theft being filed against your client, as well as claims of invasion of privacy.

The costs associated with cyber theft or misuse of client information can be immense. In order to avoid your clients from becoming victims you should suggest that they have some type of cyber liability insurance policy as part of their business insurance coverage.

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Planning Websites For Your Insurance Agency

Insurance will forever be a requirement, either to protect personal assets, or the business entity as a whole, and we will all buy insurance at some point in our lives. Whether you purchase insurance from one agency or another will often depend on just how well they present their products and services. People want to feel comfortable knowing what they’re buying, as well as how quickly and easily they’ll be able to file claims and get results.

When building Insurance Websites for your business, one major factor should come to mind, and that’s conversions. This is best accomplished when an agent gets people to come to their website and submit their contact information (or make contact via telephone). In either case, the site is generating interest, and this helps put the agency in position to make sales.

A professional is best at building a proper website

There are designers and developers who are quite capable of helping to create a well designed website that suits your needs. Take time to evaluate other sites and decide what looks good to you and also how user-friendly the site is in terms of being easy to navigate.

Make sure to keep the consumer in mind

When someone visits a website and finds it difficult to find something as simple as your contact information, you’re likely to have problems. Simply make this a priority. Ensure that contact information is easily accessed, include an email address and phone number on the home page (and on every other page of the site), and remember that the header or a sidebar is probably the best location for this information.

Chances are that you aren’t the only game in town, so if you aren’t doing something unique to set your site apart from the competition you won’t be leading the pack. You must give the consumer the added confidence that comes from knowing they’re dealing with the best in the business, and also knows everything there is to know about the products being presented. Insurance Websites for agents don’t have to be overly complex – they just need to be properly designed.

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Contemplating the Risk of Cyber Exposure

Cyber breaches are an all too common occurrence for many businesses in today’s technology arena. Typically, cyber attacks may cause a variety of losses, including civil liability, regulatory liability, and business disruption, as well as indirect losses such as damage to reputation and loss of customer confidence, which may result in a loss of business as well.

Businesses can try and mitigate some of the direct costs of a cyber exposure by negotiating contracts that include effective risk allocation. However, in practice this is not usually a straightforward process. Companies that provide cloud services, for example, may not feel they should be required to assume responsibility for damages arising out of a data loss or breach, even in circumstances where that same cloud provider is actually at fault.

Laying blame however does not get to the crux of the matter – discovering ways to prevent future breaches and dealing with the issue at hand, which is the theft of personal information that can cause a great deal of concern, along with financial consequences to its victims, is at the forefront of the matter.

Dealing with the issue of cyber theft

The process of identifying and managing cyber risk should be part of every organization’s business practice. After all, it will be difficult to regain the trust of customers and clients once a breach has been discovered. Any media attention brought to the situation only threatens to further damage the reputation of the company that was victimized. It is therefore essential for companies to undertake an audit of the information on their systems and evaluate their information security risks in order to understand the nature of the information at risk.

As part of any pro-active risk management planning, a team should be assembled to undertake a risk assessment and risk aversion plan, along with an incident response plan to handle the issue swiftly and find a suitable resolution. It is of the utmost importance for every business prone to such threats to implement relevant procedures that adequately deal with risk avoidance and mitigation.

Cyber insurance is the only real defense

The costs associated with cyber breaches are often substantial. For any organization though, reimbursement of costs is probably the largest financial risk of a cyber attack. Typically, companies who realize the potential associated with cyber exposure will seek insurance coverage for network security liability, media liability, privacy liability, breach response costs and extortion payments. Cyber coverage will aid in the costs stemming from most liability issues that arise. Speak to an agent about any concerns with this mounting and on-going problem.

photo credit: iLikeSpoons cc

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