Coffee with Coker
Episode 105: Why do I need cyber liability insurance?
- August 11, 2022
Jeffery Daigrepont interviews Dan Stewart, the president of Jackson Health Tech Advisors, one of our partners providing cybersecurity advisory services. Dan has been in the healthcare information technology and services industry for more than 30 years, with the last ten years focused on cybersecurity risk management and mitigation services. That includes a Cyber Liability Insurance Services program we will discuss today.
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The last two years have seen a new era of cyber-attacks with increased hacker sophistication, a propensity to pay in ransomware cases, and a geopolitical environment that has upended the cyber insurance market in general, particularly in healthcare.
In 2020, healthcare-related cyber-attacks increased by more than 55%, of which ransomware attacks comprised 28% of the total. According to Cybersecurity Ventures, in 2021, the US healthcare system lost $21 billion caused by ransomware attacks alone.
Covid-19 further exposed the weaknesses in healthcare cybersecurity systems as the industry was forced to institute or expand telehealth services and remote working functions rapidly. These factors caused significant losses for the insurance carriers that were providing cyber insurance resulting in several major market changes that are affecting healthcare providers.
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