The Healthcare Industry is a vast and rapidly growing industry. Healthcare occupations are projected to add more jobs than any of the other job markets in the coming years. In the US alone, during 2021, the market size increased by $808 billion, according to the latest estimates.
There are numerous software vulnerabilities which hackers can exploit to bypass the most ironclad firewalls. As quoted by IBM’s president and CEO “Cybercrime is the greatest threat to every company in the world.” On average, 30,000 new websites are hacked every day. (Forbes). Despite the claims of some security vendors, every firewall on the market is susceptible to hacking. Threat actors can circumvent a firewall’s defenses using a variety of techniques. In fact, according to a Neustar study, 40% of security professionals state that half of cyberattacks bypass their Web Application Firewall (WAF).
Preparation is key. Insurance Carriers providing Businessowners’ Coverage for your company, knowingly eliminate coverage for Cyber Liability and Data Breach Claims.
Chaim, a client of GNP Brokerage, and the CEO of a large healthcare staffing operation, shares the following testimonial:
“It was after a weekend; I powered my phone on and was flooded with frantic calls and emails from my company staff. Hackers who operate on the dark web exploited our company server while our system was at a point of vulnerability. Employees were locked out of their computers. Apprehension regarding the loss of confidential data, medical information and credit card data was a real danger. The destruction was enormous. Our firm was in chaos.
Our financial institution froze our funds, since hackers can effortlessly retrieve bank account information, misleading a bank to erroneously transfer funds. Our company payroll of seven thousand employees was in jeopardy. We had to coordinate a crisis management plan. Immediately.
One morning, during the devastation, I felt my phone buzz. A message, seemingly sent from a company email address, hauntingly stated, “We have your info. Attached is a photo of your license and passport.” The hackers forwarded the data to most of the company personnel.
Several days later, while at a meeting, I received a call which appeared to be from the wife of a company employee. “Hello, my name is Rachel. On behalf of the hackers, we demand a ransom to release a decryption key.“
And then recovery. We reviewed our Cyber Liability Policy and knew without a doubt that no matter how calamitous the circumstance, we had placed our confidence in GNP Brokerage. Our proficient broker had guided our company to purchase a comprehensive Cyber Liability Policy. And therefore, we were adequately protected.
Industry specialized attorneys as well as a forensic team of expert negotiators were immediately mobilized and in contact with our administration.
Our Cyber Liability Insurance Carrier provided full coverage for the professionals, who characteristically charge an astronomical hourly fee. We had the comfort of reassurance. We were in good hands. Confidence. Optimism. Hope.”
A standard Cyber Liability Policy will provide an array of coverages, namely, unauthorized release of confidential data, intellectual property infringement, compromised system (Hacking), social engineering, breach caused by a third-party vendor and improper document/equipment disposal.
Regrettably, Cyber Liability Risk is sorely overlooked in every industry. Hence, many healthcare companies will wind up bearing colossal damage when a cyber claim hits, thus unraveling a thriving business within hours.
GNP Brokerage has extraordinary expertise within the subtleties offered with Cyber Liability coverage, particularly focused on the Healthcare Industry.
Cybercrime reports have exploded in the past decade, with over 4.7 million reports in the U.S. in 2020. This represents an increase of over 300% in 2020 relative to a 2010 baseline.
Protect your company. Protect your assets. Choose GNP Brokerage. Unsurpassed knowledge. Core professionalism. Unique guidance.