Home › Cyber Insurance: What You Should Know May 18, 2023 By MIllennia As cyberattacks increase in severity and frequency, businesses need to develop comprehensive security plans. Cybercriminals target sensitive online data and cost companies millions of dollars in reparations. Malicious attackers often target the healthcare industry due to its extensive amounts of confidential data. Attackers try to steal patients’ Social Security numbers, billing information, test results and countless other sensitive data types. To combat this growing issue, healthcare organizations must adopt thorough cybersecurity strategies. One way to protect yourself from financial losses from cyberattacks is with cyber insurance. This insurance type offers coverage for cyberattack-related losses. For instance, it can assist with legal fees and data restoration. Healthcare cyber insurance can help facilities limit operational and financial deficits. How Common Are Cyberattacksand Data Breaches? Cyberattacks are one of the most significant dangers facing businesses today. Their frequency is growing, particularly after the impacts of the COVID-19 pandemic. Since the onset of the pandemic, the FBI has experienced a 300% increase in crime reports. Attackers continue to advance their skills, resulting in costlier and more damaging infiltrations. Cybercriminals attempt to steal information or use malicious software every 44 seconds. This frequency requires organizations to use constant vigilance and protective measures. During a data breach, attackers steal sensitive information through a targeted attack. Companies impacted by data breaches can lose millions of dollars, with the average United States data breach costing over $9.4 million. Some industries are more likely to experience cyberattacks, such as: Financial institutions: Financial institutions store extensive monetary records, including credit card numbers, bank account information and previous payment histories. Attackers can steal this sensitive data for financial gain or extortion threats. Healthcare facilities: Healthcare facilities are another popular target due to their large volumes of confidential data. Hackers target and exploit patient data for leverage. Higher education: Higher education also experiences frequent attacks on their stores of academic records, student financial information and scholarly research. As cybercrime continues to grow in severity and frequency, organizations must respond with robust security plans. What Is Cyber Insurance? Cyber insurance provides coverage for losses that occur during cyberattacks. It can reimburse your company for related costs from data breaches, malware and other types of cybercrime. Essentially, it transfers the financial risk of a cyberattack from the company to the insurance company. Cyber insurance can cover a business’s liability for lost sensitive data like: Social Security numbers Credit card numbers Financial account numbers Health records Driver’s license numbers Your company pays a monthly or annual premium for cyber insurance and receives coverage in return. Overall, this insurance provides additional financial protection and peace of mind from cyberattacks. What Does Cyber Insurance Coverand Not Cover? Cyber insurance coverage varies depending on your plan. It can cover specific costs based on aspects like: Network security: Network security coverage assists your company if attackers damage your network or cause it to fail. Attackers can cause network security failure during data breaches, ransomware, extortion demands or other harmful strategies. As you recover lost data, you can take on many expenses, including legal costs, IT forensics, data restoration, notifying customers and monitoring. Cyber insurance can help you manage these follow-up costs. Privacy liability: Cyber insurance coverage can also assist with privacy liability. If sensitive customer data gets leaked, your business could face liability. Insurance can help cover class action litigation settlements and legal penalties associated with these liabilities. Business interruptions: Many businesses depend on digital systems to conduct daily operations. If an attacker targets your company and succeeds, you could lose crucial operational time and reduce revenue rates. Cyber insurance can provide coverage for lost revenue and other related costs. However, cyber insurance doesn’t cover all associated costs of cyberattacks. It often excludes preventable human actions or security issues and neglectful handling of digital assets. In addition, cyber insurance doesn’t usually cover: Breaches that occurred before you purchased insurance Events intentionally caused by employees System failures that weren’t a direct result of a cyberattack Potential lost profits in the future Remember that insurance coverage varies by the plan type and insurer. As you navigate cyber insurance questions, work with providers to find the best match for your organization’s needs. The Importance of Healthcare Cybersecurity Healthcare cybersecurity is vital for the safety of patients and facilities. Practices continue to develop and rely on digital care solutions. While these options boost efficiency and offer new treatment methods, they also create vulnerabilities for patient records and sensitive data. Cybercriminals attempt to steal patient data and sell it online. They can also alter central schedules or hold equipment for ransom. Healthcare facilities must employ robust security plans to protect patients and employees. Your practice can take steps like: Initiating regular training: You should provide thorough training on the dangers of cyberattacks. Explain typical attack strategies, such as email or phishing scams, and advise on the best steps to avoid their effects. All staff should have complete training on using digital applications securely. Employing a cybersecurity team: If you don’t already, your facility should consider hiring a team dedicated to cybersecurity efforts. These professionals can design and deploy security strategies. They can also constantly monitor security threats and respond as needed. Healthcare Information Stays Securein Millennia’s Fully IntegratedEnd-to-End Platform At Millennia, we understand the importance of healthcare cybersecurity. We offer unified, end-to-end patient software that can enhance your patient journeys. Our platform covers every step of the patient experience, from the moment they schedule their appointment to the minute they finalize a bill. Our software uses comprehensive security features, keeping patient data contained in secure servers. It features secure digital portals where patients can access payment information directly. The portals are protected by login credentials and other security features, guarding patient data against outside attackers. Millennia’s unified patient software is available in three options: Millennia Complete: Millennia Complete provides an end-to-end solution, combining the pre-payment features of Millennia Access with the post-appointment applications of Millennia Recover. It helps you efficiently handle all non-clinical areas of facility management. Millennia Access: Millennia Access focuses on the pre-arrival and arrival sequences in a patient’s journey. The software guides patients through integrated scheduling, creates appointment waitlists, manages payments and displays virtual kiosks. Millennia Recover: This patient engagement technology guides patients through payment processes and additional learning. It improves understanding of billing procedures and uses MobilePay and patient portals to facilitate easy payments. It also features an omnichannel concierge service for ongoing billing questions. Learn How Millennia Benefits Your Patientsand Your Organization Millennia can help your organization reduce administrative workloads and maintain security. We strive to help healthcare facilities: Build digital engagement with patients. Increase revenue. Create better patient journeys. You can establish a secure and streamlined workflow by partnering with Millennia software solutions. To get started with Millennia, request a consultation today. Now everything’s complete.