The Premier Healthcare Alliance’s insurance subsidiary, Premier Insurance Management Services Inc. (PIMS), recently announced that it will be deploying Beazley Breach Response as its preferred data privacy and network security insurance solution.
Beazley Breach Response is a unique insurance, loss control and risk mitigation service that provides a comprehensive service to notify and protect the customers of policyholders that have suffered a data breach. It is tailored to meets the needs and budgets of smaller firms with revenues of less than $10 million. The solution provides notification on a number of affected individuals basis, not a capped dollar amount, to persons who must be notified under applicable law or those who are determined to be subject to risk of financial, reputational or other harm.
The coverage is provided through Beazley's private enterprise team, which focuses on the professional liability needs of small businesses. The team is able to offer this solution to risks with revenues of up to $25 million but companies may opt for the standard BBR solution, which includes notification and credit monitoring services for up to four million affected individuals.
“Data breaches can cause severe reputational and financial damage,” said Tom Green, vice president of sales and marketing at PIMS. “We’re pleased to offer our members this newly endorsed cyber liability program. It provides both the risk management tools and resources to help prevent a breach, and the necessary services should a breach occur.”
Mike Donovan, head of Beazley’s Technology, Media and Business Services team, said “The digitization of patient records has allowed hospitals to gain tremendous efficiencies, but has increased their risk of suffering a data breach. Varying state laws and an overlay of federal supervision through HIPAA only make navigating a breach more complex. If not handled properly, a breach involving personally identifiable data can seriously damage a hospital’s reputation.”
Edited by Rachel Ramsey