In a recent article published in Campus Safety Magazine, authors assert that the frequency of data breach in the healthcare industry has increased by 32% in recent years, largely due to negligence on the part of employees. The associated cost of these breaches to healthcare providers has sky-rocketed to an estimated average of $6.5 billion dollars per year.
While these kinds of claims continue to be on the rise, many healthcare providers have still not opted to purchase insurance coverage such as Cyber Liability to limit their exposure to financial loss. Traditional Liability policies do not provide coverage for Cyber Liability exposures and while some companies are beginning to “throw in” a small amount of coverage, these amounts tend not to address the real risks facing the organization. While the referenced article specifically addresses the healthcare industry, just about every organization today has a cyber exposure. If your agency does not currently have Cyber Liability Coverage and you would like to find out more about cost and coverage, please contact your representative at Chapman.
To read the full article in Campus Safety Magazine which describes actions an organization can take to help protect patient data, please click here.