Beazley Breach Response has been selected by Premier Insurance Management Services, Inc. (PIMS), the Premier healthcare alliance’s insurance subsidiary, as its preferred data privacy and network security insurance solution.
The solution is tailored to meet the needs of hospitals for privacy breaches, and information security and online website content exposure.
Wholly owned by Premier, PIMS is a provider-owned alliance of more than 2,700 hospitals and 90,000 other care sites. PIMS chose a leading insurer of data privacy and network security risks, Beazley, due to its experience with health data breaches, coverage and risk management tools. This year through mid-September, according to a HIP/SA analysis of OCR data, 489 data breaches involving 500 patients and more than 21 million individuals have occurred.
“Data breaches can cause severe reputational and financial damage. We’re pleased to offer this newly endorsed cyber liability program. It provides both the risk management tools and resources to help prevent a breach, and necessary services if a breach occurs,” said Tom Green, vice president of Sales and Marketing at PIMS.
Furthermore, to hospitals nationwide, PIMS will offer Beazley Breach Response, Beazley’s flagship product. Including coverage for breaches affecting up to 5,000,000 individuals, notification and credit monitoring, Beazley Breach Response is a complete privacy breach response management and information security insurance solution.
Image via Shutterstock
The product is tailored to the needs of healthcare organizations as well as higher education, retail and hospitality businesses.
Mike Donovan, head of Beazley’s Technology, Media and Business Services team, stated that even though the digitization of patient records has allowed hospitals to gain tremendous efficiencies, it has also increased its risk of suffering a data breach.
Varying state laws and an overlay of federal supervision through HIPAA only make navigating a breach more complex, and thus a breach involving personally identifiable data can seriously damage a hospital’s reputation if not handled properly.
Edited by Braden Becker