Coalition Insurance to offer cyber policies to healthcare companies

Coalition, a provider of cyber insurance solutions for small and mid-size businesses, has announced a comprehensive cyber coverage product specially designed for healthcare companies.

The offering provides coverage for 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 cyberattacks 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 cyberattack

In a company release, Coalition said that health organizations saw more than 15 million exposed patient records last year alone – accounting for nearly half of all data breaches in 2018. The release also mentioned Verizon’s 2018 Data Breach Investigations Report, which found that over half of data 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,” commented Coalition co-founder and CEO Joshua Motta.

Motta added that as healthcare companies continue to move toward virtual care platforms, Coalition is committed to helping those companies keep their patients’ information secure, while helping affected organizations recover from cyberattacks.