According to the U.S. Department of Health and Human Services, the number of data breaches involving the disclosure of electronic private health information (ePHI) affecting 500 or more patients in the state of Florida—the statutory threshold triggering notification obligations—increased from 19 providers in 2015 to 28 providers in 2016. Health care providers are increasingly targeted by cyberattacks because health care data are richer and more valuable for hackers, many provider employees have access to the medical data, and medical data are stored in large volumes over a long lifecycle. In light of the mounting exposures, it is essential that health care providers carefully procure cyberinsurance coverage that protects their patients and businesses.
Cyberinsurance is not a one-size-fits-all solution. Although form cyberpolicies are now readily available, reliance on forms can result in premiums for unnecessary coverages or gaps in necessary coverage. Working closely with security, privacy and legal professionals, providers should identify the mix of first- and third-party coverages that integrate with their operations to minimize risk exposures. For example, if your practice relies on digital devices (e.g., iPad), first- and third-party coverages that address the risks associated with using these devices and existing device security practices should be obtained.
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