Specialty-insurance provider CFC Underwriting recently announced the newest version of its cyber insurance product for U.S. healthcare providers. With the latest policy, CFC enhances its combined cover for privacy and operational disruption with industry-specific features to help healthcare organizations prepare for and respond to cyber incidents as well as comply with industry regulations.
“While most healthcare providers are aware of their privacy and data breach exposures, they can easily overlook cover for operational disruption. The unprecedented increase in malware attacks has shown that operational exposures must be addressed – in fact, we’re now seeing the costs of operational disruption and rebuilding far exceed what a large-scale privacy breach might cost the same entity,” said CFC Cyber Product Leader, James Burns. “Our stand-alone cyber product for the U.S. healthcare sector is tailored to their unique risks, helping limit the impact of a cyber incident on their organization.”
According to CFC, its latest cyber insurance product addresses the exposures and regulatory requirements unique to U.S. healthcare organizations and ensures that core elements of cover are available each time a crisis strikes, even if a policyholder experiences multiple cyber incidents in the same policy period.
CFC’s cyber policies offer the provision of first party cover on an “each and every claim” basis and don’t restrict policyholders with policy aggregates. Additionally, CFC’s cyber offering for U.S. healthcare providers includes cover for HIPAA corrective action plans and cover for bodily injury resulting from a cyber attack alongside cover for the costs associated with improving risk management controls following a breach, system repair costs and incident response costs in addition to the limit.
“CFC offers a market-leading cyber insurance product backed by a global response capability which ensures our policyholders not only have comprehensive cover, but that they can recover quickly from cyber incidents,” Burns said.