header photo Mesa 8/21/2019 10:00:00 AM
News / Finance

Defending Client Data From Theft is a Twenty-First Century Nightmare

The Cyber Liability of A Data Breach Can Cost You Dearly

Data Breach/Cyber Liability

The exposure of either HIPAA protected or PII (patient identifying information) is  both a significant legal liability and PR nightmare. As an example, all medical practices should be adequately insured against all forms of this type of exposure including; hacking, loss or theft of devices with sensitive information and intentional theft by employees. Many doctors we speak with have somewhere between $0 and $50K in coverage as part of another policy, which is shockingly inadequate. Again, shoot for seven figures in coverage.

You need to install protocols and back up systems to protect client information from outside invasion as well as insider theft. Employee theft of client information is on the rise and is a present danger for corporations that collect medical and financial data from their clients and customers.

RAC Audit Insurance

The Recovery Audit Contractor program also known as a "RAC Audit" seeks to identify and eliminate fraud and waste in Medicare payments. While some audits are routine and require only minor corrections, others are much more serious, requiring civil and even criminal legal defense, crippling levels of document production (they can request new files every 45 days), and forensic review. A controversy during this process can also, in the worst cases, interrupt your receivables as provider and even cause your existing accounts and funds to be seized.

It’s important to tech up with the latest cyber defense software or outsource it to top security firms.

The content in this press release was taken from Ike Devji’s article Common Flaws of Asset Protection Planning with permission.