If this were your client where would find $3.3 million dollars to settle their claim let alone the penalties that HHS will apply?
You can read the details here of Colorado Casualty vs. University of Idaho / Perpetual Storage.
Bottom line is that most standard policies do not cover cyber losses and neither does your E&O policy as we have written about before.
“At the same time, the University is seeking in its lawsuit to bring its insurance broker and adviser into the litigation, alleging they were “careless, negligent, and made various negligent misrepresentations about Perpetual’s insurance coverage from Colorado Casualty.”
Aon reviews this case from an insurance perspective here.
Preventing breaches in the first place is key by getting compliant and encrypting ALL data whether “at rest” or “in motion”.
Lesson – your business and livelihood is one mistake away from disappearing if you are not compliant.
We can help you quickly and cost effectively….contact us now
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