A latest program will provide preferred terms and conditions from cyber insurers to healthcare agencies and vendors who are or become certified under the HITRUST Common Security Framework (CSF), a platform that supports various stakeholder security initiatives.
HITRUST, an industry-supported collaborative, has operated with Willis Towers Watson, an insurance brokerage firm, to educate cyber insurers on how CSF lowers danger and motivates the cyber risk underwriting procedure.
Cyber insurer Allied World is the 1st company to give preferred terms and conditions for CSF-certified entities, and nearly 2 others should be on board by the month of June, claims Daniel Nutkis, CEO at HITRUST. Each insurer will evaluate its own preferred terms and conditions.
Under the program, Willis and HITRUST will work with intrigued insurers to describe the CSF program and how to approach the threat levels and write plans so that cyber insurance premiums and advantages are commensurate with the threat, in accordance to Nutkis. CSF certification could bring a decrease in premiums of as much as 30%, along with higher coverage limits, he further adds.
Even agencies that are not completely CSF-certified, perhaps because of not acquiring 1 or 2 security controls, would be believed to have “effective controls” and could have a lower level of preferred terms and conditions until completely certified, relying on the plans of several insurers, Nutkis claims.
Cyber insurance, he further adds, is rapidly become must-have protection within the healthcare industry. “This is another validation that the CSF is an efficient tool for security data for risk management.”
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