New York, NY — Schaefer Enterprises, Inc., a leader in medical office insurance has joined forces with CMIT Solutions of Tribeca, a HIPPA certified IT company and a leader in IT consulting for the healthcare industry, to provide an innovative risk management and cyber security solutions portfolio. The new partnership will enable healthcare clients to have simultaneous access to a leading cyber liability insurance agency and a top IT consulting firm. Medical or dental offices applying for this increasingly important coverage through Schaefer Enterprises will be provided with a full IT audit by CMIT Solutions. This will ensure that in addition to having appropriate coverage clients can proactively take measures to reduce risk.
Asked about the initiative, Greg Schaefer, CIC, CPIA, ACI, president and founder of Schaefer Enterprises, Inc. said, “We realize that in order to offer the most cutting-edge cyber products to our clients, we need to understand their specific exposures to loss. David Grubb and his team at CMIT Solutions work directly with our staff to keep us up-to-date on the evolving cyber landscape. They can perform environmental security assessments to limit exposures before losses can occur.”
According to Schaefer, one of the biggest obstacles companies face before purchasing cyber insurance is a lack of understanding about the coverage details and the value of the product. Schaefer Enterprises places special emphasis on educating his clients and simplifying the process while not sacrificing coverage. “A key concern, and that of our clientele, is when and how insurance will indemnify them during and after a claim.”
Cyber Incidents on the Rise
Cyber incidents are being reported by the national media on a regular basis. The impact and costs of these malicious breaches to business owners is painful and for the smaller medical practices can put them out of business.
In proclaiming the benefits of the strategic alignment with regards to healthcare clients, CMIT Solutions president David Grubb said, “With 12.5% of businesses experiencing a cyber security breach today and the damaging reputational impact that this can have it’s essential to have the appropriate layers of protection in place. Our partnership with Schaefer is a great alignment of industries and we are excited to extend the value and knowledge we have developed to ensure that Schaefer’s healthcare clients have the best protection capabilities in place buttressed by robust and comprehensive policies.”
Allianz Global Corporate & Specialty predicts the cyber liability worldwide market to increase from a $1.5B to a $20B by 2025. For medical or dental practices, HIPAA breaches can result in a significant financial loss due to required customer breach notifications, post breach credit monitoring, regulatory fines, public relations expenses and legal fees. The partnership between Schaefer Enterprises New York and CMIT Solutions will position healthcare clients to be fully prepared and protected against cyber losses.
About Schaefer Enterprises
Schaefer Enterprises, Inc. is a Manhattan-based insurance agency specializing in all aspects of business, personal and program insurance. In addition to offering insurance products for business, construction insurance, employee benefits, health insurance and medical malpractice insurance, Schaefer offers a wide selection of unique programs to suit the needs of specialized businesses, such as industry-specific coverage for urgent care centers, food and supermarkets, and non-profit insurance.
About CMIT Solutions of Tribeca
CMIT Solutions of Tribeca is a local company with the full support of a national network of more than 800 consultants and technicians who provide information technology services and solutions to small and medium-sized businesses. CMIT has expertise in nearly all technologies and industries and is the leading IT advisor for their clients. By focusing on developing and maintaining local, trust-based relationships with its customers, CMIT Solutions is able to meet all of their business and IT needs.
For more information, please visit https://www.cmitsolutions.com/cmit-solutions-of-tribeca/