Coalition Insurance to offer cyber policies to healthcare companies

Insurance Business America | April 11, 2019

Coalition Insurance to offer cyber policies to healthcare companies
Coalition, a provider of cyber insurance solutions for small and mid-size businesses, has announced a comprehensive cyber coverage product specially designed for healthcare companies. The offering provides coverage for the following areas: Cost to comply with an OCR-mandated security assessment and program, as a result of a security failure or data breach that violates HIPAA privacy and security rules. Restoration of digital assets, including sensitive patient information. Business interruption from cyberattacks against the insured or their suppliers. Funds transfer incurred from a security failure or social engineering attack. Costs to respond to an extortion incident, including money, securities, and virtual currencies paid. Costs to replace computer systems and other technology damaged in a cyberattack. In a company release, Coalition said that health organizations saw more than 15 million exposed patient records last year alone – accounting for nearly half of all data breaches in 2018. The release also mentioned Verizon’s 2018 Data Breach Investigations Report, which found that over half of data breaches in healthcare begin internally.

Spotlight

As the United States seeks ways to regain our economic footing and rebuild prosperity, all should be reminded of the simple but immensely important fact that the nation’s collective health bears both an economic and human cost. Poor health of a population can exert tremendous force on employment rates, interest costs and other tangible factors that ultimately affect the ability to maintain a strong global economic position.

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Spotlight

As the United States seeks ways to regain our economic footing and rebuild prosperity, all should be reminded of the simple but immensely important fact that the nation’s collective health bears both an economic and human cost. Poor health of a population can exert tremendous force on employment rates, interest costs and other tangible factors that ultimately affect the ability to maintain a strong global economic position.