by Colin Konschak and Shane Danaher
Until recently, healthcare executives tended to ignore the need for cybersecurity, as it was perceived to only be a consequence affecting data, which can be replaced. However, since 2014 when cyberattacks against healthcare began ratcheting up, the industry leaders have been forced to acknowledge the increasing cyber threats and consider cybersecurity protection.
Though cybercrime has increased at a steady rate as technology becomes more pervasive, there has been a dramatic rise in cybercrime in the past eight years, with no sign of slowing down. Still, healthcare systems see cybersecurity as more of an IT challenge with a relatively reactive approach to IT breaches. This leaves the health system significantly unprepared for cybercriminals and making the system not well-equipped to mitigate cyber threats, despite the economic importance of medical records. Health organizations are therefore beginning to turn toward cyber insurance providers as internet threats increase.
Is cyber insurance a good cybercrime strategy, just one component of an overall strategy, or is cyber insurance even unnecessary?
Leaders in all business sectors are realizing cybercrime can make virtually every business risk a reality, including reputation loss, business interruption, breach of privacy, liability for regulatory penalties, and even outright business failure. Throughout this cybersecurity whitepaper series, we have delved into steps organizations can take to protect their network, software and human attack surfaces. But what about insurance against attacks? Do healthcare organizations need cyber insurance? If so, what kind of coverage should they choose? In this whitepaper, we examine the kinds of business risks healthcare organizations face, the ways they can guard against those risks becoming realities, and how to blunt the impact if they do, including coverage with cyber insurance.
Download the full white paper Mitigating Cybersecurity Risk: Is Cyber Insurance the Answer?
