14 Jul 15: Specialist lines underwriting agency, CFC, has extended its cyber product suite with the launch of a new policy developed specifically for US healthcare providers.
CFC’s Cyber Practice Leader, Vicky Paxton, says: “Healthcare companies have arguably become the largest target of hackers due to the vast amounts of highly sensitive data that they work with and store. To make matters more complicated, there is rigorous legislation surrounding the protection of this patient data, opening companies up to regulatory fines and investigations if they suffer a breach.”
She continues: “All of this means that healthcare companies have a unique risk profile that most standard cyber policies fail to cater for. With CFC’s experience in both healthcare and cyber, we thought it was a great opportunity to develop a policy for these companies that is truly fit for purpose.”
Innovative features of this new policy include cover for HIPAA corrective action plans, cover for bodily injury resulting from a cyber attack, cover for the costs associated with improving risk management controls in the period following a breach, and unlimited retroactive cover.
This is the first in a suite of cyber policies that CFC is creating for specific industry sectors and further new products will be introduced in the coming months.