The advent of electronic medical records, in conjunction with mandates stemming from data-information breaches, has fueled the need for Cyber Liability Insurance. Cyber Liability-related claims, are for the most part, excluded by the traditional insurance coverage purchased by hospitals and medical providers. Most notably, but not exclusively, cyber policies cover a business’ liability for a data breach in which the firm’s customers’ personal information, such as Social Security or personal healthcare information, is exposed or stolen by a hacker or other criminal who has gained access to such data.
ProCon has developed a Cyber Liability program specifically designed for hospitals and leveraged the buying power of the group, resulting in broad coverage with an extremely competitive pricing model. The policies cover a variety of expenses associated with data breaches, including: notification costs, credit monitoring, costs to defend claims by state regulators, fines and penalties, and loss resulting from identity theft.