Cyber Insurance: What is it? Do you need it?

7 out of 10 healthcare organizations don’t have cyber insurance. But is that really a big deal?

Today we’re going to talk about cyber insurance, sometimes known as cybersecurity insurance, cyber risk insurance, etc. Specifically, we’re going to discuss what it is and whether or not it’s worth the investment.

We arrived on this topic because of a report commissioned by the data analytics firm FICO. You may know FICO because of the FICO score, which is a credit risk score. Well FICO (formerly Fair, Isaac and Company) measures other things, too. One of them is cybersecurity preparedness by industry. And unfortunately, the healthcare industry – one of the highest value targets online – does not have much in the way of cybersecurity coverage. In fact, just three out of ten organizations had any coverage at all.

That’s quite a ways off the 76% mark for all US respondents, in fact it weighs that figure down. And even that 76% is misleading, because only 32% have comprehensive coverage.

But is that really a big deal? What is Cyber Insurance? And do you need it?

Let’s hash it out.

What is Cyber Insurance?

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