In the cases described in a recent Healthcare Dive article, it wasn’t nefarious overseas hackers that hit these medical universities’ bottom lines for millions of dollars; it was human error which actually accounts for the vast majority of data breach notification expenses, fines and penalties. While Cyber Liability Insurance is important to help cover these types of expenses, data breach protection really starts with good old fashioned risk management.
Our Risk Management Advisors first assess our clients’ technological risks, then review internal procedures and protocols to pinpoint any gaps or areas of improvement. After reviewing with senior staff and collaborating on strategies to fix the issues we train management (and staff is necessary) on the new best practices that have been put in place. All of the work we perform is then leveraged with our Cyber Liability Underwriters to obtain the best possible coverage and pricing for our clients’ insurance package should a data breach still occur.
To learn more about working with RCM&D’s Risk Management Group, contact me at 484.581.2813 or wskene@rcmd.com.