Cyber Ransom Liability Insurance

VaultAs our blog’s history shows, the healthcare industry has become an increasingly popular ransomware target for cybercriminals. With this rise in attacks comes a new industry: Cyber Ransom Liability Insurance.

Ransomware attacks began to rise earlier this year, so they are not covered under most standard insurance policies.

When choosing a policy, it is important for the insured to consider not just the price of the ransom, but the after effects as well: Malpractice suits, the cost of being closed, and compensation for the victims, just to name a few.

Another critical issue is educating the employees. One bad download or weak password can make the entire practice vulnerable.

If you are concerned about whether or not your policy will pay out if you are cyber hijacked, call your insurance company and have a representative walk you through it. Insurance companies often don’t want to pay out, so it’s vital you know where you stand. You may want to also consider beefing up your coverage to ensure that it will cover all the associated costs, in case you or your company becomes a cyber victim.

For assistance educating your employees, contact us today.

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