Hiscox Launches Combined Cyber Risk, Professional Liability Coverage for Hospitals

Hiscox has combined the services of its healthcare and cyber underwriters to launch Healthcare Threat Protect to coordinate with a hospital’s professional and general liability as well as their growing cyber exposures.

Healthcare Threat Protect is an all-in-one policy with one integrated wording, combining the underwriting expertise of Hiscox’s healthcare and cyber teams in Bermuda and London.

“For U.S. 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. 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,” said Justin Keith, vice president, Bermuda Healthcare.

Marcus Breese, Cyber and Professions Line underwriter, added that the new cover clarifies the ambiguity between cyber, professional and general liability.

“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,” Breese said. “Examples like this raise multiple liability and loss issues for hospitals.”

Topics Cyber New Markets Medical Professional Liability