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Cyber Insurance Series, Part 1: What you need to know

Amid the increasing threat of cyber attacks on the healthcare sector, organizations need to understand the importance of cyber insurance. However, there is still confusion surrounding what it covers and how to choose the right policy. Cyber insurance policies typically cover losses and damages resulting from the exposure, theft, ransom, or improper sharing of patient data. Organizations need to carefully evaluate their risk and work with an agent to identify appropriate policies. It is important to read the policy carefully and understand what it covers, as there is no standard form for underwriting cyber coverage. Key stakeholders, including risk professionals, security officers, IT leaders, and business leaders, should be involved in the evaluation process. Organizations must also be aware that fines and penalties for noncompliance are not covered by cyber insurance.

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