Cyber Insurance for Physicians

If anything, the Change Healthcare breach has taught us that the additional cyber coverage provided by medical professional liability carriers, which many physicians treat as their primary coverage, is inadequate.  While a nice additional perk, these platforms do not provide the proper coverage needed in today’s evolving cyber environment.  Standalone Cyber Insurance has broadened its offerings in the last five years, with many policies providing full limits for Incident Response (Breach Coach, Forensics and Remediation coverage included), Ransomware or Extortion payments and support and Business Interruption (loss of income due to a cyber intrusion) amongst other coverage parts. Five years ago, Breach Response was the mainstay of a cyber program, today there is a plethora of evolving coverage needed to protect your organization.   Be on the lookout for increased coverage requirements when it comes to hospital and insurance carrier contracts as well…don’t assume these are all provided by any endorsement.

• eCrime forms should be mandatory in your cyber risk platform; the names and the coverages vary by carrier, here is a sampling of terms:
  • Social Engineering
  • Funds Transfer Fraud
  • Telephone Fraud
  • Ransomware
  • Invoice Manipulation

• Additionally, loss of income is becoming increasingly vulnerable:
  • Business Income
  • Dependent Business Income

• Newer coverage, not available with all carriers, are also emerging:
  • Cryptojacking
  • Bricking
  • Contingent Bodily Injury

If you would like to understand vulnerabilities in your Cyber program please contact us for more information.