Today's Veterinary Business

DEC-JAN 2017

Today’s Veterinary Business provides information and resources designed to help veterinarians and office management improve the financial performance of their practices, allowing them to increase the level of patient care and client service.

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Almost every day I hear veterinar- ians and office managers tell me things like: • We have an IT expert who takes care of our system. • We are a small business; hack- ers focus on large companies like Target or Home Depot. • We don't keep clients' credit card information or employ- ees' Social Security numbers. • We don't sell things on our website. With global outsourcing on the rise, the boundaries of computer systems and corporate respon- sibility have expanded and are often hard to define. Companies are constantly looking to outside vendors for a host of services that require the sharing of sensitive data. Although partners such as call centers, credit card processors, payroll administrators and cloud providers handle this information, the company for which they provide such services bears the ultimate respon- sibility to protect the information and respond appropri- ately in the event of a breach. Almost half of all data breaches took place while the data was with a third-party vendor, according to a 2016 study by IBM and The Ponemon Institute. Therefore, if you transmit proprietary information such as credit card numbers for billing purposes, you likely have significant exposure. It doesn't matter whether you save card numbers in your system, because hackers can access data during the transmission. They also can get into the cache system of your computers or servers and ac- cess information that you deleted. It Gets Worse Regulations and standards, such as those outlined in the Health Insur- ance Portability and Accountability Act (HIPAA), the Fair and Accurate Credit Transactions Act and the Financial Modernization Act, are becoming more stringent and more strictly enforced. Violations are costly to defend and may carry significant penalties and oth- er legal implications. Most states have data-breach notification laws that require an organization to provide written no- tice to anyone affected. In addition to that cost, the offering of credit- and identity-monitoring services to affected customers has become the norm. Data breaches also can be an expensive public relations night- mare for your hospital. Damage to your reputation is often costlier than the direct financial loss. Can your business withstand a network security event in which customers lose faith in you? Lawsuits are common in cases of large data breaches or inadver- tent information releases. Ac- cording to the 2013 NetDiligence Cyber Liability and Data Breach Insurance Claims Study, legal damages represented the single largest component of costs paid by insurance carriers that partici- pated in the survey. Take Action So, what can you do? Less is better. Store the minimum amount of sensitive information that is needed to do business. Sensitive information includes Social Security avmaplit.com | 800-228-7548 "For my complex insurance needs, no one in the industry compares to AVMA PLIT . " MAVANA is made up of 22 mixed animal, equine and companion animal veterinary practices across 10 states. When Dr. Scott Spaulding created the organization in 2016, he knew he needed an experienced insurance partner to protect the corporate entity, the practices and their nearly 300 employees. He chose AVMA PLIT. "AVMA PLIT and HUB professionals have industry expertise, breadth of knowledge and depth of experience a step above the others," Dr. Spaulding said. "We're confident risk management for our individual practices and our corporation could not be in better hands." To address their diverse business needs, MAVANA's portfolio through the PLIT program includes business property/liability, workers' compensation, professional liability and more. Additionally, MAVANA will utilize PLIT's veterinary-specific Risk Services to identify potential risks, reduce exposures, manage claims and save money. As Dr. Spaulding says, "No one in the industry compares." Whatever size your practice is, you can count on the PLIT for best-in-class coverage and risk management. Talk to us today. Dr. Scott Spaulding President and Founder, MAVANA According to the 2013 NetDiligence Cyber Liability and Data Breach Insurance Claims Study, legal damages represented the single largest component of costs paid by insurance carriers that participated in the survey.

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