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.