Home / Internet Services / The Cyber Liability of A Data Breach – Steve Savant’s Money, the Name of the Game – Part 3 of 5

The Cyber Liability of A Data Breach – Steve Savant’s Money, the Name of the Game – Part 3 of 5

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

Synopsis: If presidential candidates can be hacked or government installations penetrated, how much more a business that stores client data on hard drives and in cloud technology. Watch the video interview with attorney and asset protection specialist Ike Devji.

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.

Syndicated financial columnist Steve Savant interviews asset protection attorney Ike Devji on Asset Protection Strategies for Businesses on Steve Savant’s Money, the Name of the Game. The consumer show is an hour-long financial talk show distributed online in 5 ten-minute video press releases Monday through Friday to 280 media outlets, social media networks and industry portals. www.lifesizesolutions.com https://youtu.be/O5S8OtXvESA


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