The cyber insurance company Coalition has announced “comprehensive coverage crafted to protect healthcare companies.”
In a statement, Coalition said that, to help mitigate the impact of cyber attacks, it has designed a healthcare-specific policy “that fully addresses the risk healthcare organizations face before, during, and after a breach – including full HIPAA compliance, in-house breach response, and restoration of digital assets such as patient information.”
“The constant flow of highly-sensitive patient data through unregulated channels leaves protected health information exposed to bad actors. One wrong click could expose a patient's entire medical history,” said Coalition's co-founder and chief executive officer, Joshua Motta. “As we continue to move towards digitized, virtual care platforms, Coalition is committed to helping healthcare organizations keep their patients' information safe, and helping organizations recover in the event of a data breach.”
Coalition said that due to the internal nature of breaches within the industry, it takes health organizations over eight months on average to realize any information has been compromised, but that its “consistent monitoring of network and information security” condensed an organization's response time significantly.
Coalition said that its policy covered “the costs of response to any extortion incident – including the payment of money, securities, and virtual currencies.”
Coalition added that its “comprehensive offering” provided coverage for healthcare organizations in 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 cyber attacks 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; and
- Costs to replace computer systems and other technology damaged in a cyber attack.
Learn more: www.thecoalition.com.
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].