With senior living and healthcare particularly vulnerable to cyber attacks, having thorough cybersecurity strategies and plans in place is vital for senior living administrators, sector experts say.
The good news is, cybersecurity insurance providers are getting better at both predicting and protecting healthcare against these threats, marketplace experts say.
Senior living administrators should take note of the costs associated with cyber attacks, such as hiring forensic experts or paying attorney’s fees as a results of any potential lawsuits or fines, all which can quickly add up, said Scott Code, vice president, LeadingAge Center for Aging Services Technologies.
“Make sure you read the fine print of your cyber liability insurance,” Code told McKnight’s Wednesday. “Know the types of attacks or breaches covered, the specific expenses covered and their limits, the types of events not covered, and the conditions that would result in revocation of the policy.”
Healthcare providers are among the most frequently pursued cyberattack targets, largely because the data stored in their systems has become lucrative, according to LeadingAge’s cybersecurity whitepaper. It notes the value of information, combined with weak security defenses, makes healthcare a popular hunting ground for cybercriminals.
“Management techniques that can reduce your organization’s risk include an effective security posture, a robust budget and investments in staffing, tools and training that raise your employees’ awareness of threats,” Code says. “They also include a defense in depth strategy, plus careful vendor vetting and management.”
Insurance companies are getting better at identifying threat actors and healthcare provider clients so they can prevent financial losses that occur as a result of cyberattacks, John Menefee, cyber risk product manager at Travelers Bond and Specialty Insurance, told HealthcareIT News. Insurance carriers look for vulnerabilities in their systems that cyber criminals might see, and let their customers know.
As the cost of cyber and ransomware attacks continues to rise, Menefee recommends healthcare administrators check with their insurance partners to make sure they have adequate coverage and coverage limits so they can recover appropriately in the wake of an event.
