Breaking News – Anthem Breached
Source: AP News via MyWay, February 5, 2015
Excerpt from article written by Tom Murphy
“Hackers broke into a health insurance database storing information for about 80 million people in an attack bound to stoke fears many Americans have about the privacy of their most sensitive information.
Anthem, the nation’s second-largest health insurer, said it has yet to find any evidence that medical information like insurance claims or test results was targeted or taken in a “very sophisticated” cyber attack that it discovered last week. It also said credit card information wasn’t compromised either.
The hackers did gain access to names, birthdates, email address, employment details, Social Security numbers, incomes, and street addresses of people who are currently covered or have had coverage in the past. They had not pinned down the exact number of people affected.
“To me, this is the next wave of where we are going to see more and more attacks,” said Mark Bower, a vice president with the cyber security firm Voltage Security. “Cyber crime is a business. The attackers will simply move to the next low-hanging fruit.”
Medical records can be sold to criminals who could construct billing and insurance scams or target patients for phone scams. Medical data can also be used to extort patients.” The entire article can be read at the MyWay website.
Cyber crime is a business.
That is simply a terrifying reality every commercial entity faces. Is your customer the “low-hanging fruit”? Do they have adequate insurance in place? Have you even quoted it? How does this impact your agency’s E&O?
There are numerous triggers that will occur as a result of the above event. US Pro, America’s Cyber Insurance Experts, can get you access to a policy with a combination of 3rd party and 1st party costs that would allow your customer to stay in business should an event occur.
Cyber Liability Insurance and its Impact
Cyber Liability Insurance is readily available in today’s marketplace, but the coverage remains very different from carrier to carrier. Among the common coverages provided are notification costs, legal/defense expenses, customer support and credit monitoring, and crisis management expenses. Lesser known coverage components are as important as the common coverage parts, but these are not always offered by every carrier. For Cyber Insurance, choosing the right program is much more important than with any other insurance that is purchased. The coverage stakes are too high.
A hard lesson has been learned by Target, Home Depot, Schnuck’s, Michael’s, Chase, Anthem and countless others, and as a result, been taught to all the rest of us. Network security and Privacy Breach events are no picnic, and even the slightest lack of attention can result in devastating consequences. Choose a Cyber policy today, and choose it wisely. The money you save up front may be the difference in how much money it costs you when a claim occurs. With Cyber, it eventually will, and for the uninsured or underinsured, it will be too late.
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