Health insurance dependents may face privacy struggles

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Insurers share private medical information with policyholders about family members on the plan. The Affordable Care Act is now allowing adult children to maintain their coverage under their parents’ health insurance plans, which has offered a tremendous advantage and has notably increased the coverage over that age group, but it does have one notable disadvantage. That concern, which many young adults are discovering, is privacy. Over three million young adults have now regained health insurance coverage because of the new law, according to data from the Department of Health and…

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EU to introduce tough rules regarding data use and protection

The European Union is preparing to propose new regulations concerning how corporations use the personal data of Internet users this week. The new rules could have a major impact on companies like Google and Facebook as they would put staunch limits on how they use the information of the people that use their services. Viciane Reading, vice president of the European Commission, a branch of the EU, claims that the new rules are needed to remove the grey areas that exist in Europe’s legal system. Europe is currently awash with…

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Lloyd’s of London specifies cyber crime as a major insurance issue

Cyber crime is an issue of immense concern according to Lloyd’s of London, one of the world’s leading insurance and reinsurance providers. Risk modeling firms are becoming more concerned over what they are calling “the huge potential cost of data loss.” In the wake of the attack against Sony Online Entertainment, in which hackers made away with the financial data of more than 100 million user accounts, those concerns seem to be warranted. A study from the Ponemon Institute found that in 2010, the cost of data breach rose for…

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