Specialist insurance provider CFC has released a new version of its cyber insurance product for U.S. healthcare providers.
The latest policy enhances CFC’s combined cover for privacy and operational disruption with industry-specific features to help healthcare organizations prepare for and respond to cyber incidents as well as comply with industry regulations.
CFC’s coverage now addresses the exposures and regulatory requirements unique to U.S. healthcare organizations and provides coverage each time a crisis strikes, even if a policyholder experiences multiple cyber incidents in the same policy period.
According to CFC Cyber Product Leader James Burns, CFC’s stand-alone cyber product for the U.S. healthcare sector is tailored to their risks and designed to limit the impact of a cyber incident on their organization.
“While most healthcare providers are aware of their privacy and data breach exposures, they can easily overlook cover for operational disruption. The unprecedented increase in malware attacks has shown that operational exposures must be addressed – in fact, we’re now seeing the costs of operational disruption and rebuilding far exceed what a large-scale privacy breach might cost the same entity,” said Burns.
CFC’s cyber policies offer the provision of first party cover on an “each and every claim” basis and don’t restrict policyholders with policy aggregates. Additionally, CFC’s cyber offering for U.S. healthcare providers includes coverage for HIPAA corrective action plans and for bodily injury resulting from a cyber attack alongside coverage for the costs associated with improving risk management controls following a breach, system repair costs and incident response costs in addition to the limit.
CFC is a specialist insurance provider focused on emerging risks. CFC is backed by Lloyd’s and offers a range of commercial insurance products to more than 60,000 businesses in over 60 countries.