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Your practice is at Risk under the new privacy protection laws:
Mass Data Protection Law – enforced 3/1/10
HITECH Act – expansion of HIPAA data privacy rules
FTC Red Flag Rules – creates ID theft standard of care
Federal Data Accountability & Trust Act – pending federal law to regulate customer data breach notification
The most common source of a breach is ACCIDENTAL: a stolen or lost laptop, PDA, desktop computer or thumb drive.
• average cost of a data breach is over $200 per patient record
• total costs typically exceed $100,000
• most practices have neither the legal nor technological resources to respond to a breach
• slow or incomplete response increases liability & damages customer relationships
Organizations can and will be held liable in the case of a data breach. Data Breach Insurance will protect you!
Coverage Available:
a. Data Breach Claim Coverage – for claims from outside parties related to privacy issues and technology security breaches, as well as regulatory action against the practice
b. Data Breach Containment – covers costs of notification, crisis management expenses, credit monitoring costs, costs to investigate existence of a breach
c. Technology Extortion – expenses involved with an extortion attempt, “hacker” case
d. Data Restoration – cost to restore, recover or replicate data that is damaged or unrecoverable
Can you afford NOT to buy this coverage???
Please see the Data Security Protection presentation for more information.
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