Cyber Coverage

Insurance by Industry  |  Health + Human Services  |  Cyber Coverage

EXPOSURE IN THE HEALTH + HUMAN SERVICES INDUSTRY

+ Health and Human Services is one of the most vulnerable industries because of the amount of both PII (Personally Identifiable Information) and PHI (Personal Health Information) each entity stores

+ The increase of telehealth and telemedicine adds to the cyber risk

RANSOMWARE ATTACKS HAVE BECOME MORE PREVALENT

+ According to the Department of Health and Human Services, in 2019 there were more than 500 data breaches in the Healthcare Industry, an increase of 196% from 2018, representing 41 million patient records

+ IMA’s Cyber Risk practice understands the unique risks of the Health and Human Services Industry and tailors the coverage specific to each client’s needs

The Real Cost of a Cyber Incident

At Risk in a Cyber Event

+ Clients lose trust in business and may seek another vendor
+ Ability to conduct business may be directly impacted during and after cyber event
+ Company reputation is damaged in the business community and with clients
+ Intellectual property could be lost or made widely available, damaging competitive advantage

Potential Monetary Costs

+ Lose cutting-edge value with loss of intellectual property
+ Cost of post-breach customer protections
+ Attorney fees and litigation
+ Fines for regulatory compliance
+ Large insurance premium increases
+ Payments to investigate cyber crime or pay in the event of cyber extortion

As health and human services companies’ use of technology has grown over the last 20 years, from email to billing systems and beyond, so too have the risks associated with cyber losses.

IMA’s Cyber Risk practice leverages a proprietary proactive risk management playbook, specifically designed to address the risks faced by health and human services companies to minimize the risk of a data breach or hack:

Vendor Contracting

Security Checkup

Risk Measure

Cyber Risk Hub

+ Data Breach Modeling
+ Cyber Claims Studies
+ Security and Privacy Awareness Training

A Deeper Dive

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Focus on Perils

Learn about perils that may affect
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