It's no longer if, but when
Why do I need Specialized Coverage?
General liability or malpractice insurance typically does not cover cyber events such as data breaches, ransomware, business email compromise or other breach expenses such as forensics, breach/legal coaching, public relations or credit monitoring. Specialized cyber insurance is no longer optional for those working in the healthcare industry, a growing target for cybercriminals.
The bad news? Cybercriminals can attack your organization through computer extortion, ransomware, social engineering, telecom theft, business email compromise, and e-theft. The good news? You're covered.
fines & penalties
Covers expenses from regulatory penalties including HIPAA, NY Department of Financial Services, and GDPR. Breached Protected Health Information (PHI) means HIPAA fines and investigations! Thankfully, you're covered.
Forensic expenses, breach notification costs, credit monitoring, PR damage control, business interruption and data recovery*, legal expenses, and more! Covered with expert help and approved vendors.
*Not included in the $250k cyber insurance policy.
Am I Eligible for Cyber Insurance Coverage?
Our base level policy comes with $250k coverage and two simple restrictions: you must be a US-based organization and have an active subscription with us - That's it! Want more coverage? Eligible organizations can choose between two advanced policies with $500k or $1M in coverage.
You business must be headquartered in one of the 50 states in the U.S. to be eligible for any of our cyber insurance policies.
Organizations with an annual revenue of up to $50M are eligible to add our $500k and $1M cyber insurance policies to their subscription. No cap for $250k coverage.
The following business classes are ineligible for our $500k and $1M policies: (a) Banks (b) Credit Unions (c) Payment Processors (d) Gambling Organizations (e) Online Adult Industry (f) Social Media/Networking Firms (g) Cloud Providers (h) Network Providers (i) Managed Security Providers (j) Managed Service Providers (k) Federal and State Government Agencies (l) Municipalities (m) Franchises (n) Cryptocurrency (o) Marijuana Dispensaries.
How does cyber insurance protect me?
In addition to the financial support to cover costs like legal fees or varying fines and penalties like HIPAA, cyber insurance provides additional expert support that those responding to a cyber incident need. With experienced guidance and verified vendors, knowing you have step-by-step help when an incident hits your doors, is all the peace of mind you need.
There for you when all else fails
Healthcare organizations are especially at risk of experiencing a data breach or security incident, making up almost 30% of all cyber breach victims - more than any other industry.* The costs associated with healthcare breaches is even more astonishing. That's why we offer Cyber Insurance as an add-on to both of our Complete Compliance Solutions and even include it in the HIPAA Premier Service for organizations with fewer than 50 employees.
* Verizon 2018 Data Breach Investigations Report