Press release

Coalition Announces Leading Cyber Insurance Policy Tailored to Mitigate Risk for Healthcare Companies

0
Sponsored by Businesswire

Coalition,
the leading cyber insurance company for small and midsize businesses,
today announced comprehensive coverage crafted to protect healthcare
companies. Health organizations saw over 15
million
exposed patient records last year alone, and account for almost
half
of all data breaches. Despite the widespread risk, 70
percent
of healthcare organizations lack cyber insurance. To help
mitigate the impact of cyber attacks, Coalition has designed a
healthcare-specific policy that fully addresses the risk healthcare
organizations face before, during, and after a breach—including full
HIPAA compliance, in-house breach response, and restoration of digital
assets such as patient information.

Healthcare is unique, being the only industry where the risk of a threat
is more likely to come from within the organization than from the
outside. According to Verizon’s
2018 Data Breach Investigations Report
, over half of breaches in
healthcare begin internally.

“The constant flow of highly-sensitive patient data through unregulated
channels leaves protected health information exposed to bad actors. One
wrong click could expose a patient’s entire medical history,” said
Coalition’s co-founder and CEO, Joshua Motta. “As we continue to move
towards digitized, virtual care platforms, Coalition is committed to
helping healthcare organizations keep their patients’ information safe,
and helping organizations recover in the event of a data breach.”

Due to the internal nature of breaches within the industry, it takes
health organizations over
eight months
on average to realize any information has been
compromised. Coalition’s consistent monitoring of network and
information security condenses an organization’s response time
significantly.

Extortion is another major risk these companies face, as ransomware
accounts for over
two-thirds
of malware incidents in the industry. Coalition’s policy
covers the costs of response to any extortion incident—including the
payment of money, securities, and virtual currencies.

Coalition’s comprehensive offering provides coverage for healthcare
organizations in the following areas:

  • Cost to comply with an OCR-mandated security assessment and program,
    as a result of a security failure or data breach that violates HIPAA
    privacy and security rules
  • Restoration of digital assets, including sensitive patient information
  • Business interruption from cyber attacks against the insured or their
    suppliers
  • Funds transfer incurred from a security failure or social engineering
    attack
  • Costs to respond to an extortion incident, including money,
    securities, and virtual currencies paid
  • Costs to replace computer systems and other technology damaged in a
    cyber attack

Coalition’s coverage policy for healthcare companies is available
immediately. For more information, visit www.thecoalition.com.

About Coalition

Coalition, the cyber risk solution from Joshua Motta and John Hering,
combines comprehensive insurance and free cybersecurity tools to help
businesses manage and mitigate cyber risk. Backed by A+/A rated insurers
Swiss Re Corporate Solutions and Argo Group, Coalition provides
companies with up to $10M of cyber and technology insurance coverage in
all 50 states and the District of Columbia. Coalition’s cyber risk
management platform provides automated security alerts, threat
intelligence, expert guidance, and tools to help businesses remain
resilient in the face of cyber attacks. Coalition is headquartered in
San Francisco.

For more information about Coalition, please visit www.thecoalition.com.