AOAExcel Offers Cyber Liability Coverage in Response to New HIPAA Regulations Going Into Effect

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ST. LOUIS, Mo.—With new HIPAA regulations going into full effect this year, cyber security is of utmost importance to eyecare professionals who store and share their patients’ medical information electronically. “It is even more critical to consider cyber liability coverage,” according to a statement from the American Optometric Association’s wholly owned subsidiary, AOAExcel, which is now offering cyber liability insurance through its AOA Liability & Business Insurance program, administered by Lockton Affinity, LLC. “These days, it is a necessity for ODs who run a website, conduct e-transactions, or store personal patient information to have cyber liability coverage,” said Chad Fleming, OD, FAAO, AOAExcel business and career coach.
 
“The average cost of recovering from a data breach is $240 per record,” according to the statement. “Unprotected practices will have to bear the burden of the costs associated with privacy breach claims,” added Joe Ellis, OD, AOAExcel chairman of the board and past AOA president. “I encourage my colleagues to learn more about the new HIPAA regulations that recently went into effect and to consider purchasing cyber liability coverage in light of these new regulations.”
 
Cyber liability coverage includes expenses related to responding to a major privacy event, notification to all parties affected by a security breach, potential regulatory fines and defense, costs related to ongoing credit monitoring, and outside investigative costs.
 
AOAExcel was introduced by the AOA at its 2012 Optometry’s Meeting to support the business and career needs of AOA members. At the for-profit subsidiary’s ExcelOD.com website members can customize practice advancement resources specific to their own business objectives and career goals.