Hiscox combines cyber risk and healthcare for US hospitals

20-09-2016

Hiscox has combined the expertise of its healthcare and cyber underwriters in Bermuda and London to launch Healthcare Threat Protect, an insurance product that deals with a hospital’s professional and general liability as well as its growing cyber exposures.

According to Hiscox the line between professional liability and cyber risk becomes increasingly blurred for US hospitals. Healthcare Threat Protect is an all-in-one, policy with one integrated wording, combining the class leading underwriting expertise of Hiscox’s healthcare and cyber teams in Bermuda and London.

“For US hospitals, the increasing integration of technology in diagnosis and treatment means the distinction between cyber risk and professional/general liability has become less clear cut,” said Justin Keith, vice president of Bermuda healthcare at Hiscox.

"Rather than expecting hospitals to buy separate insurance cover for each risk, we’ve combined our healthcare and cyber expertise to develop an all-in-one cyber risk and professional/general liability protection. Healthcare Threat Protect is a comprehensive product that, as cyber risks multiply in their number and complexity, solves a growing problem for US hospitals.”

Marcus Breese, cyber and professions line underwriter, added: “When it comes to healthcare, cyber attacks not only impact patient data, but also have the ability to impact the treatment of patients. For example, a ransomware attack can lead to a hospital being unable to access patient records and possible network downtime, potentially interrupting patient care and causing costly interruption to the business.

“Examples like this raise multiple liability and loss issues for hospitals. Healthcare Threat Protect clarifies the ambiguity between cyber, professional and general liability cover in one, simple to understand policy.”

Hiscox, Bermuda, Insurance, Reinsurance, Cyber risk, Healthcare, General liability, Risk management, North America, London, UK, Justin Keith

Bermuda Re