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Brandon Clarke

What could HIPAA violation cost your practice?

Most people think a breach won’t happen to them, but did you know that for medical practices or anyone that keeps and stores medical records the chances of a HIPAA breach occurring is not a matter of ‘if’ but ‘when’.  Recent studies uncovered that within the last two years 91% of medical facilities have experienced at least one breach.  The question that many owners or managers of medical practices do not know is the true cost of a Hipaa violation or

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The Cost to Replace a Credit Card

How many times have you received a new credit card this year? It seems consumers are all too familiar with this process. Today we wanted to share how 2014 the “Year of data breach” has not only affected the consumer with credit card replacement fatigue, but also affected the banking industry with expenses. When a data breach occurs to a retailer the banks are the ones issuing the cards and it has become quite expensive. Each new replacement credit card

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Shades of Grey – Directors & Officers and Data Breach

Would a D&O insurance policy cover the board if a data breach claim occurs? Every policy has its quirks both D&O and Data Breach, and most of these insurance policies have different coverage language. 3 things that stick out about the D&O Policy: 1. Your D&O policy language may exclude data breaches all together. It also may not. Read the exclusion section for words like “privacy acts.” Have a cyber liability insurance professional review it further. 2. A D&O insurance

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Five Data Breach Questions to Ask Your POS

How is your Point of Sale System protecting you against Breach? Could you be responsible for a data breach? If a data breach occurs who steps in to report the breach, notify clients, pay fines, fees and penalties, what about lawsuits? These are all questions that we have been answering recently. The answer for most is “That Depends.” Below are five questions to ask your POS: 1. What does the language in your contract state about data breach? Is the

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Let’s get Tricky!

Here are a few factors that are making the data breach world tricky to insure: Not too many people in the industry; including insurance companies understand the true risk of data breach to a company. There really isn’t enough claim info to tell the industry too much; and it changes daily….as does technology. Also there really doesn’t seem to be enough case law, including class action suits to give the insurance companies an idea to true exposure. Every business is

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Where is the Supply? Does A Billion Exist?

I was reading this article the other day and a thought hit me. According to the link, $300 million of insurance coverage is about all you can find to protect a corporation from a cyber attack or data breach. After talking to a few brokers and underwriters it seems that the only way to get to a $300 million policy is to layer many insurance companies on top of each other, which can be a daunting process. But, wait a

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