Hackers are continually exploring new targets and refining their methods to break through cyber defenses, wreaking havoc on businesses of all sizes across all industry sectors.
We saw this with WannaCry, which compromised thousands of computers; the Petya ransomware attack that cost international shipping firm Maersk hundreds of millions of dollars in lost revenue; and the Equifax breach, which led to the theft of Social Security numbers, birth dates, and other data on almost half the U.S. population.
While these cyber attacks made headline news because of the size of the attacks, smaller companies are also continued targets of hackers and are particularly vulnerable to ransomware.
Further, while no industry sector is immune, some, like healthcare, make greater targets for hackers. In fact, a 2017 KMPG study cites found that 47% of healthcare providers and health plans said they had instances of security-related HIPAA violations or cyber attacks that compromised data.
National wholesaler Connected Risk Solutions offers both specific-industry cyber insurance and risk management solutions for the healthcare sector as well as coverage for a broad spectrum of industries. Our solutions, available exclusively through our agency partners, are underwritten by leading insurers at the forefront of developing cyber coverage and addressing new and emerging risks as exposures evolve.
Features of our cyber insurance solutions include:
- No Policy Aggregate
- No Retro Date (full prior acts covered!)
- Business Interruption included on all policies
- Social Engineering (extortion, wire fraud, phishing scams) included automatically
- Post Breach Remediation Costs
- Cyber and Privacy Liability Coverage
- Media Liability Coverage
- Risk Management Portal for all Policies – insureds receive points for the online store and can redeem them to buy various tools
- 24-hour Claim Reporting System which includes an app for mobile devices
- Minimum Premium of $750/$1,250 for Social Engineering Coverage
- Maximum Limit of $10M
Healthcare Specific Form Highlights
As specialists in the healthcare sector, we also have available specific-industry features to address the exposures providers face:
- Includes Comprehensive Computer Crime Coverage with full limit applicable
- System Repair Costs following cyber event
- Full Limits for Regulatory and Forensic Investigations
- No Exclusion for Contractual Liability
- 72-hour Emergency Cost Provision
- Business Interruption Coverage included for consequential reputational harm
- Coverage Included for HIPAA Corrective Action Plans (not just fines and penalties)
- Covers Bodily Injury as a result of cyber attack
- Covers Post-breach Remediation Costs to help improve cyber risk controls
- Business Interruption Coverage tailored to healthcare entities
Non-Healthcare Specific Form Highlights
- No Aggregate Limit for first 3 insuring clauses – first-party coverages
- Includes Coverage for Theft of Senior Officers’ Personal Funds
- No Deductible on Incident Response Coverage
- Includes Coverage for Management Liability related to cyber incident
We Focus on Supporting Your Future Growth
What we do is not as important as how we do it. We invite you to explore the Connected Risk Solutions difference. Just give us call at (678) 359-6365 to learn more about us, our coverage lines and programs and how we can serve you and your clients’ needs.