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Security & Privacy (Cyber) Liability

Home Security & Privacy (Cyber) Liability

The Healthcare Industry is a Big Target for Cyberattacks

Every healthcare organization that uses technology faces cyber risk. As technology becomes pervasive, the potential threats increase for operations and patient safety. Security and Privacy insurance, often called cybersecurity or cyber insurance, allows organizations to mitigate risk from criminal activities like cyberattacks.

Patient-related information and health records are critical to a healthcare facility’s operations but are enticing to bad actors. Personally identifiable information (PII) is valuable on the black market. Additionally, by locking up computer systems with a malware attack, cybercriminals can demand lucrative ransoms because access is crucial for healthcare organizations. These factors make large healthcare systems and small practices equally vulnerable to cyberattacks.

What does Cyber Insurance cover?

Cyber liability insurance cover costs associated with data breaches and cyberattacks. The most critical aspect of cyber insurance is typically network security coverage (read more below). This coverage responds to data breaches, malware and ransomware attacks, and business email compromises. However, many policies include information privacy breach coverage that responds to ancillary expenses of an attack, such as regulatory defense and credit monitoring expenses.

Network Security Coverage

Security & Privacy Liability
Multimedia Liability
Network Asset Protection
Computer Network Extortion
Security & Privacy Liability

Covers damages and claim expenses resulting from a privacy or security breach including failure to prevent or hinder unauthorized access; theft, loss or unauthorized disclosure of confidential information; corruption, destruction or damage to electronic data store in the system; and actual unauthorized use or access.

Multimedia Liability

Covers damages and claims expenses arising from the release or display of electronic media on your website or print media, including publications and advertising materials, which results in defamation, libel, slander, invasion to an individual’s right to privacy or publicity, infringement, plagiarism, infringement of copyright or trademark, and domain name infringement.

Network Asset Protection

Covers loss of digital assets and special expenses as a direct result of damage, alteration, corruption, distortion, theft, misuse or destruction caused by computer crime, computer attacks, administrative or operational mistakes, as well as accidental damage.

Computer Network Extortion

Covers expenses incurred as a result of a network extortion threat and funds or property paid to the person or organization responsible for the threat.

Information Privacy Breach Coverage

Privacy Regulatory Defense and Penalties
Privacy Breach Response Costs, Customer Notification, Customer Support & Credit Monitoring Expenses
Privacy Regulatory Defense and Penalties

Covers regulatory fines & penalties and claim expenses related to an administrative proceeding or regulatory action for a security or privacy breach; this includes HIPAA and HITECH civil fines and penalties.

Privacy Breach Response Costs, Customer Notification, Customer Support & Credit Monitoring Expenses

Covers expenses incurred to comply with the mandatory state and federal laws as a result of a privacy breach to employ a public relations consultant, notify affected individuals, and provide customer support including credit file monitoring services.

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What Is Not Covered By Cyber Insurance?

Determining your organization’s insurance needs is complex. With cyber insurance, one key determination will be whether your policy should include first-party coverage, third-party coverage, or both. However, it’s important to recognize you may need other types of insurance to create a more comprehensive protection plan, including:

  • Medical Professional Liability insurance, which helps cover claims of injury and medical negligence against healthcare professionals.
  • General Liability insurance to protect against bodily injuries and property damage claims.
  • Commercial Property insurance covers your organization’s real estate, rented property, and its contents.
  • Employment Practices Liability insurance provides coverage for employment-related issues, such as wrongful termination.

Chivaroli & Associates is your strategic partner in finding the solutions to help insure and protect all your organization’s assets, including from cyber threats.

Call us today at  800.240.2448  or Email us at mail@chivaroli.com

Contact Us

Chivaroli and Associates Insurance Services is a full-service brokerage firm specializing in the custom-design and placement of insurance and alternative risk funding solutions for your healthcare organization.

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Address:
200 North Westlake Blvd., Suite 101
Westlake Village, CA 91362
Phone:
805-371-3680
E-mail:
mail@chivarolitr.wpengine.com

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