Cyberinsurance Now a Necessity, But Choose Coverage Wisely

In an article published in Healthcare Risk Management on December 1, Roy Hadley is mentioned discussing the importance of cyberinsurance for healthcare organizations, as cyber threats are becoming increasingly more common.

The need for healthcare organizations to have cyberinsurance has to do with the value of protected health information (PHI) on the dark web, as this stolen information can do much more damage than, for example, a credit card that can quickly be canceled.

“The damage that can be done to an individual financially can be catastrophic. Because of the type of information any healthcare organization collects on its patients, the risk faced from losing control of that information is going to be high,” Roy says. “I tell all clients to look at your risk profile and make cyberinsurance a part of your program if necessary, but for healthcare organizations the risk profile almost necessitates cyberinsurance for all of them.”

When seeking cyberinsurance, it is important to do research and ask necessary questions, such as about the company’s payment history. Since cyberinsurance is still new, research will help to ensure the company is legitimate and has enough experience to manage your coverage.

Read the full article.