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Exploring Challenges, Benefits of Cyber Insurance in Healthcare

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Healthcare data breaches impacted more than 40 million individuals in 2021 alone. A single data breach costs healthcare organizations an average of $9.23 million .

Experts say cyber insurance can help, but due to the unpredictable nature of cyber threats and the lack of historical data to estimate losses, cyber insurers and clients may find themselves navigating uncharted territory.

“The cybersecurity insurance landscape is evolving quickly and not always for the client’s benefit,” Robert Bradford, senior project manager at 1898 & Co., explained in an interview with HealthITSecurity .

“Policy providers prefer to have some level of certainty about what they are insuring, and right now, that certainty does not exist.” Cyber Insurance Can Minimize Losses

“The benefit, of course, is trying to protect yourself from loss—either from a ransomware attack or a data breach where PHI leaves your organization,” Bradford explained.

Considering the volatility of the cyber threat landscape, many organizations have accepted that it is impossible to predict and avoid every type of cyber incident. Cyber incident response plans and robust security architectures are crucial to mitigating risk and protecting sensitive data, and prevention efforts are still important. But the “it’s not if, but when” mentality has become widespread, and […]

Click here to view original web page at healthitsecurity.com

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