As hackers continue to target the healthcare sector at an alarming pace, the need to protect the infrastructure, data and daily operations of a provider organization is paramount. Part of that protection should include cyber insurance, designed to help organizations manage the risk associated with cyber activity.
Cyber insurance can help to reduce the risk, but there’s still a lot of misunderstanding around what it covers, how to buy the right coverage and, frankly, just how to avoid wasting funds on the wrong policy.
With that in mind, here’s what healthcare organizations need to know.
What the heck is cyber insurance?
To start, cyber insurance is not typically included in regular insurance coverage and will need to be purchased separately. The most common cyber insurance is designed to cover both losses and damages caused when patient data is exposed, stolen, held for ransom or improperly shared.
Providers can purchase policies from CNA, Liberty Mutual, Chubb and Travelers, among others. But here’s the catch: Unlike other insurance types, there’s no standard form for underwriting cyber coverage, so organizations will need to do their homework.
Coverage features will…
