In today’s digital era, healthcare organizations are increasingly becoming targets for cybercriminals due to the treasure trove of sensitive personal data. Cyberattacks can be devastating and have long-lasting effects, impacting healthcare providers and their patients. These incidents do more than disrupt operations; they pose significant risks to healthcare entities’ financial stability and reputation. Are you prepared to navigate this new cybersecurity landscape for your clients? Let’s dive in.
The Staggering Cost of Healthcare Cyber Attacks
A recent cyberattack on Change Healthcare, a major healthcare IT provider, disrupted operations and revenue streams for physician practices nationwide for over 12 days, costing them over $100 million each day. For many small and rural practices already struggling with Medicare cuts and rising costs, these financial hits are more than just nuisances — they threaten their very survival. Data breaches can put a small practice out of business, especially those already operating on thin margins. Beyond the daily operational losses, there’s the cost of remediation, potential legal liabilities, and the loss of patient trust.
Navigating the Complexities of Cyber Coverage
Understanding cyber insurance can be a daunting task. Given the lack of standardization in the industry, policies vary significantly. Carriers have different definitions, exclusions, and limitations, making it challenging to ensure adequate coverage. The technical jargon and legal language also require a deep understanding of the industry and the specific risks healthcare organizations face. Insurers have significant challenges in modeling and pricing these risks, and as cyber threats continue to evolve, traditional models struggle to keep pace with the sophisticated tactics used by cybercriminals. The result? Potentially significant coverage gaps for your healthcare clients.
Bridging the Cyber Insurance Protection Gap
If insurers themselves are finding it difficult to model and price extreme cyber risks accurately, agents are often left in the dark as well — which could leave your healthcare clients underinsured. Jencap addresses this issue by leveraging our deep industry knowledge and relationships with underwriters across a wide spectrum of carriers. We connect you with experts to design policies and risk-management strategies that offer real protection, so your clients can focus on what they do best: caring for their patients.
Let’s work together to protect the healthcare organizations that our communities rely on. With Jencap’s expertise and support, we can navigate the evolving landscape of cyber threats and ensure that our healthcare providers have the robust coverage they need.
