Every day small, medium and large businesses are victims of cyber crimes committed by hackers. There is a cyber liability exposure for every type of business operation—from "Mom & Pop" stores to multibillion-dollar corporations.
Some of the more widely publicized incidents include First Federal Savings Bank, which had $415,000 hacked out of a savings account, and Kaiser Permanente, a health care consortium, which was fined $200,000 for publicly posting 150 patient names and addresses. And these are just a few of the notable accounts. There are hundreds more instances that go unpublished.
Medical offices, hospitals, rehabilitation clinics, and nursing homes affected by Health Insurance Portability and Accountability Act (HIPAA) legislation are at risk. In addition, insurance agencies and mortgage companies have faced steep penalties from lawsuits resulting from privacy breaches.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
