MORRISTOWN, N.J., June 6, 2019 /PRNewswire-PRWeb/ -- In the face of ever-mounting hacker attacks on the healthcare industry, HIPAA Secure Now! (HSN) is offering new cyber insurance policies to help healthcare organizations recover from fines and damages caused by data breaches. HSN partnered with one of the top worldwide, A+ carriers to provide coverage and establish its cyber insurance program.
The new cyber insurance policies cover HIPAA violations and other fines levied by state regulators. HSN's policies also protect clients from the financial risks that arise when cybercriminals steal confidential patient information. Under HSN's cyber insurance, healthcare organizations are covered for ransomware attacks, social engineering, forensic expenses, breach counseling, breach notification and identity monitoring, among other expenses.
One dental practice paid a ransomware demand to unfreeze a computer containing protected health information (PHI) on 3,780 patients. Besides the $4,900 ransomware payment, the practice incurred expenses amounting to nearly $50,000 to restore its system, pay government fines, fulfill regulatory requirements and establish new damage control measures. With an HSN cyber insurance policy, all of the practice's breach expenses would be covered.
"Healthcare organizations are under siege," said Art Gross, CEO of HIPAA Secure Now! "Cybercriminals are stepping up their relentless attacks with increasingly sophisticated scams.
"We continue to work with our clients to train employees, conduct security risk assessments and implement HIPAA policies and procedures. Now we're adding cyber insurance as another layer of protection against the high cost of data breaches."
HSN Cyber Insurance – Coverage & Options
HSN's cyber insurance covers unforeseen expenses after a cybercrime has been committed, including:
- Business email compromise – where a cyber thief impersonates the CEO to extort money from the company
- Social engineering – in which employees fall for phishing scams and click on malware links
- Ransomware – a tactic hackers use to hold computer systems hostage until clients pay them to restore data and functions
Coverage includes:
- Legal counseling – to cover legal advice needed following a breach
- Forensics services – to perform an analysis of a practice's IT network and determine the scope and impact of the breach
- Crisis management – for public relations services and reputation management
HSN created two levels of cyber insurance policy subscriptions: Premier Service and Essential Service.
Premier Service subscribers with 1 to 50 employees are automatically enrolled in the $250,000 cyber insurance program at no additional cost. They can upgrade to more robust coverage with the $500,000 and $1 million plans.
Essential Service subscribers can elect to purchase a policy for $250,000, $500,000 or $1 million levels of coverage.
Ultimately, the HSN cyber insurance program enables healthcare organizations to protect sensitive information of their patients – with less worry about the damage of a cyberattack.
"Data breaches are no longer a matter of if, but when," Gross said. "Running a medical organization without cyber insurance is a risk no business should take anymore."
About HIPAA Secure Now!
HIPAA Secure Now has been helping clients with HIPAA compliance and protecting patient information since 2009. HIPAA Secure Now has been credited with having a "rigorous" HIPAA Security Risk Assessment by the U.S. Department of Health & Human Services (HHS) Office for Civil Rights (OCR). HIPAA Secure Now has also trained over 150,000 employees on HIPAA regulations and how to avoid data breaches. For more information visit http://www.HIPAASecureNow.com.
SOURCE HIPAA Secure Now!
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