MMIC Insurance, Inc. has launched data privacy insurance coverage for the healthcare community and has partnered with Beazley Group, Ltd. to offer the coverage.
Beazley has developed Beazley Breach Response and tailored it to the needs of the healthcare industry. The network includes forensic experts, attorneys, notification providers, credit monitoring and call center services. There is also liability coverage for third party claims that may result from privacy, network security and Internet media claims.
The healthcare industry is subject to a variety of federal and state regulations, due to the sensitive patient information that is collected and stored by most healthcare organizations. Fines and/or penalties can be assessed when statutes are not followed.
“We are seeing more and more healthcare organizations being penalized for not complying with these statutes,” said Julie Stafford, vice president of sales, marketing and communications at MMIC. Data Privacy Insurance provides coverage for legal costs in responding to a regulatory proceeding, as well as coverage for the fines or penalties that may be assessed.
“When a breach occurs, you need to be ready to respond quickly and effectively to mitigate your exposure to brand damage and legal liability,” said Stafford.
Source: MMIC Group
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