| The fallout from network security breaches, lost computer equipment, employee errors, and outsourced service providers extends beyond your bottom line—it affects your company's reputation. BCS designed a market-leading Cyber and Privacy Loss Protection solution that expands security coverage for Blue Cross and Blue Shield Plans. Providing limits up to $30 million, this coverage enables your organization to put your members' privacy protection
first. With every advancement in healthcare information technology, BCS insures new exposures as they inevitably unveil themselves. That's protection, expanded. |
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By diligently guarding the privacy of their subscribers, Blue Cross and Blue Shield companies have long been leaders in risk management. Even so, in today's technology- driven business environment, liability may still arise through lost computer equipment, network security breaches, and human error, as well as mistakes made by outsourced service providers. In an effort to help you protect your company's most valuable assets and reputation, BCS designed the market-leading BCS Cyber and Privacy Loss Protection policy, customized to best meet the needs of Blue Cross and Blue Shield companies.
Program Benefits
Numerous benefits offer a sound solution to cyber and privacy loss risks. Some highlights of the program are as follows:
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Policy limits up to $30 million are available. |
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Coverage responds to most sources of breach, including network portable devices and paper. |
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Coverage is provided for the costs associated with civil fines or penalties imposed where insurable by law. |
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Outsourcers and Vendors Coverage is provided for loss of data caused by an outsourcer or vendor, the leading factor behind data breaches. |
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Coverage is included in the event of a failure to provide notification in accordance with state or federal laws. |
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Coverage is provided for for breaches involving employee data, even when caused by a third party, such as a payroll vendor. |
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Contractual coverage provides protection – not only from third party suits alleging negligence for a breach of security or privacy by the plan – but also for written demands alleging breach of contract and suits arising from a breach of your privacy policy. |
Coverage Process
Cyber & Privacy Loss Protection underwriting and claim benefits include:
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Shortened application and simplified underwriting processes ensure that the appropriate people are involved from the start. |
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Voluntary notification ensures there is minimized harm to your brand or reputation from a newsworthy event with the ability to notify affected individuals – even if you have no legal responsibility to do so – when acting as a service provider or business associate on behalf of data owners. |
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Immediate response control permits the hiring of IT forensic consultants and privacy attorneys and allows notification activities without the prior consent of underwriters when there is a legal responsibility to notify affected individuals under state or federal laws. |
The BCS Cyber & Privacy Loss program is protection, expanded.
For more information, please call 630.472.7700. |
