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Healthcare Facilities Face Cyber Risks Due to Medical Devices Pt. 2In our last post, we discussed some of the Ways in Which Cyber-Attacks Can be Reduced and Prevented. As these attacks are becoming more threatening to the majority of healthcare businesses, the last installment of prevention techniques will be divulged. These strategies, in addition to Healthcare Cyber Liability protection, can ensure company success.

Corrective Action Readiness Plan- Immediately following a breach, the healthcare facility should be prepared to respond both internally and externally. The end users should be made aware..



Posted:September 23, 2015

Healthcare Facilities Face Cyber Risks Due to Medical DevicesIn the wake of the digital age, cyber-crime is becoming more and more prevalent. While mostly all businesses are susceptible to data breaches, medical practices in particular are at high-risk for suffering immense loss. In order to reduce Healthcare Cyber Liability, consider the following 5 practices to safeguard assets and property.

Inside Counsel reports that the Food and Drug Administration’s recent Safety Alert regarding Hospira’s PCA3 and PCA5 Infusion Pump Systems stated “Many medical devices contain configurable embedded computer..



Posted:September 21, 2015

Top D&O Compliance IssuesIn a study completed by the Securities and Exchange Commission (SEC) and the Justice Department (DOJ), the main components with regulation violations were exposed. Broken down into four main categories, the violations can be identified as fraud, corruption, cybercrime and social issues. As violations are an inherent part of any directors and officer’s concern, a proper Directors and Officers Liability Program can help to mitigate loss and reduce risk.

Fraud- This category encompasses not only lost assets, but also misrepresentation of company funds and financial statements, as..



Posted:September 18, 2015

Changes in the Privacy and Network Security LandscapeNew laws are on the horizon for managing data security breaches. A recently proposed law, in fact, seeks to protect the consumer by notifying them when their information has been compromised and to reduce the occurrence of these breaches altogether. As this issue is increasingly problematic, employing the proper Privacy and Network Security Programs can help to alleviate the risk.

While 47 states and the District of Columbia each have their own definition of what a data breach is and how these events..



Posted:September 16, 2015

Directors and Officers: Managing a Suffering Company Pt. 3As mentioned in our previous blog posts, directors and officers can be held liable for the losses of a financially distressed company. As such, experts recommend a Directors and Officers Insurance policy in addition to following some guidelines to protect themselves and their company’s future duties.

First and foremost, directors and officers are advised to resist resigning during financially difficult times. Even if a director is to step down, liability for actions taken on their behalf will not dissipate. Further, doing so..



Posted:September 14, 2015

Witness Tampering A Dangerous Lawyer LiabilityTwo criminal defense lawyers were on trial this summer for allegedly prepping their witnesses illegally. Although the Chicago-based attorneys were acquitted of all charges, the issues of Attorney Professional Liability and ethics are being scrutinized nationwide.

U.S. District Court Judge Harry Leinenweber dismissed charges against Beau Brindley and his partner Michael Thompson as he determined that the prosecutors were unable to successfully prove any of the counts against them. According to the Chicago Sun-Times, the charges included perjury, conspiracy and obstruction of justice.

While..



Posted:September 11, 2015

Highlights from Summer 2015 Litigation Trends ReportThe Norton Rose Fulbright global law firm has released its annual report which notes the benchmarks of company concerns among law professionals. As these takeaways are revealed, parallel Insurance Trends are reflected for legal firms.

Class Actions are the Most Prominent- The 2015 Litigation Trends Annual Survey states “A quarter of all respondents reported at least one class or group action against their companies in the preceding 12 months, with survey participants from the US comprising 80 percent of that number. And 71..



Posted:August 28, 2015

Is the Commercial Property Market Becoming OverwhelmedCommercial real estate investment is reaching record highs worldwide; raising concerns the market is going to mimic the 2010 real estate crash. A combination of low interest rates, investor pushing, and deal activity is contributing to a saturated global property market. As sales are skyrocketing, Professional Liability for Commercial Real Estate Agents is critical during this time.

According to The Wall Street Journal, the value of U.S. commercial real estate transactions in the first half of 2015 jumped 36 percent from a year..



Posted:August 26, 2015

Preventing Lawsuits by Improving Accountant CommunicationsLitigation costs associated with lawsuits can cause accountants to be financially liable for hefty damages. As accountants perform a variety of tasks, Accountant Professional Liability Insurance can help to protect your clients’ firms and mitigate costs. In addition, experts recommend using engagement letters in order to clearly define the expected duties.

An engagement letter is the best way to protect a firm against legal claims. Alvin Fennell III, vice president at Aon, and Jeffrey Day of CNA told Accounting Today that since there’s no..



Posted:August 24, 2015

How Will Tech Trends Affect How Insurers do BusinessAs consumers crave more data, information, and accessibility, insurance carriers have needed to adapt. The desire to drive down costs and provide improved underwriting and risk management strategies has instigated a technology trend paradigm, thus creating new Insurance Trends. The following are ways in which technology is affecting insurers.

Dimensional Marketing- The user experience of the insured is critical in maintaining customer relationships. According to Property Casualty 360, more CMOs and CIOs are investing in technology for marketing automation, omnichannel approaches..



Posted:August 21, 2015

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