Is cyber insurance right for my business?
Have you considered cyber insurance for your business? Here are a few reasons why it might be smart to do so.
Read moreWaking up to a cyber event can be paralyzing, and for healthcare providers, particularly scary – workstations locked down, operations at a standstill, patient records unreachable, drug delivery hindered. Besides the financial implications, these events can have serious consequences on the treatment of patients, resulting in cancelled appointments, staff overtime, rerouted services, or worst of all, harm to patients.
Whether the result of a cyber attack or simply a system outage, cyber insurance can provide immediate access to a team of expert forensic and incident response specialists who will help you get to the bottom of the incident and back online as quickly as possible, protecting services to your patients.
Learn how CFC’s cyber claims and incident response team helped a small hospital get back on track after malware led to huge operational disruption.
The healthcare industry is subject to an assortment of regulations when it comes to the protection of sensitive patient data. So if a data breach occurs, it can not only have a serious reputational impact on an organization, but also result in steep fines or penalties, corrective action plans and more.
Cyber insurance covers the wide range of privacy-related exposures faced by healthcare providers, including guiding you through and paying for the breach notification process if required, engaging forensic specialists to discover what happened, and covering the costs associated with regulatory fines and investigations.
Our cyber policy helped a small healthcare provider determine whether a ransomware attack had led to a notifiable data breach.
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Most healthcare entities complete frequent wire transfers, whether paying for work being done to your building or buying medical supplies in bulk. Unfortunately, this leaves you exposed to a growing problem – funds transfer fraud.
Often initiated with a simple phishing email, fraudsters are increasingly duping healthcare providers into transferring what they believe are legitimate payments to fraudulent bank accounts.
Cyber insurance can protect your business from the financial losses incurred in such scams.
Most cyber insurance policies include of a variety of coverage areas that work together to provide healthcare organizations with broad and affordable protection. Learn more about the major sections of cover in our policy:
All of this is backed up by best-of-breed risk management services and expert cyber claims handling. Learn more about our cyber solution.
“For the SME client looking to protect themselves against cyber attacks and crime/social engineering fraud, the CFC policy
offers excellent coverage and good value.”
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