Ransomware ‘bull’s eye’ grows, clouding telehealth’s rise in long-term care

Kimberly Mersalas reports:

Even as COVID-19 and its emphasis on telehealth have opened providers to greater cybersecurity risks, insurance policies that offer potential protection are becoming more expensive, and in some cases, harder to get.

Insurers are issuing 25% to 50% premium increases this year, reflecting a large number of ransomware payouts over the last year and a half, according to David Basham, an Atlanta-based broker for Willis Towers Watson.

Among about 65 cyber insurers Willis Tower Watson works with, many are ramping up underwriting efforts, requiring healthcare providers to prove they’re doing more to protect their IT networks, hardware and data before providing quotes. When policies are extended, insurers also may exclude more costs, set higher deductibles and require providers to pay steep co-insurance fees in the case of a loss or damage.

“We are seeing the cyber market harden,” Basham warned during a webinar last week.

Read more on McKnight’s.

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