Page 20 - April 2017 Newspaper

Insurance... Insurance... Insurance... Insurance... Insurance...

CYBER INSURANCE 101 FOR HEALTHCARE ORGANIZATIONS

Having cyber insurance does not pre- 5. Litigation – offers some financial • Sub-limits
clude the organization from strengthen- protection in the event of a lawsuit. • Post-Breach Services
ing their security infrastructure, on the 6. Notification Expense – takes care of • Information maintained and stored
contrary, insurance companies may offer expenses involved with individual and by third parties
special discounts to companies who have government notifications, call center • Coverage for investigations and fines
invested well in their Cybersecurity and costs and advertisements. • Breaches that may have happened
compliance infrastructure. before purchasing coverage, but discov-
Cyber Extortion coverage ered afterward.
Ransomware is a type of malicious We had an active discussion on this
attack in which a hacker gains access to subject during an incident response
an organization’s systems and data, and workshop we conducted at a conference
blocks all other access until ransom is recently. To view the video summarizing
paid. Ransomware attacks fall under some parts of the discussion, visit
'Cyber Extortion'. A cyber insurance pol- https://youtu.be/nGZMpl_mid0 or use
BY SANJAY DEO
icy may or may not include cyber extor- your smartphone QR reader app to scan
tion – be sure to check for this. Often, an this QR code:
Many healthcare organizations are insurance policy may only cover ransom
adopting the use of electronic systems payment partially. Nevertheless, having a
like electronic medical records to meet cyber insurance cover part of a ran-
regulatory requirements, quick retrieval somware attack may still be more benefi-
of stored data, processing and access to a cial than not having one at all.
wide range of information. These days,
health facilities are using electronic sys- What should healthcare firms
tems for their day-to-day work and trans- There are different kinds of insurance look for when shopping for a
mitting protected data to other locations coverage and each company should eval- cyber policy?
heavily. This, coupled with the high uate these carefully and understand what Your insurance agent is most likely
value of data handled, results in an is covered and what is not, before mak- already working with one or more cyber
increase in the level of exposure to cyber ing a decision. Each insurance company insurance companies. When looking for
attacks. Specifically, protected health may have different names, inclusions, a suitable insurance policy to cover your Cyber insurance has a significant role
information (PHI) of patients fetches exclusions and sublimits for the various health organizations, here is what you to play in an organization's overall secu-
large sums of money in the black market. types of liability coverages they offer. should consider. rity strategy as a key risk mitigation com-
Ransomware is a type of cyber attack that Some of the types of available cyber a) Read through the Insurance ponent. It is crucial that healthcare
has been a growing problem for health- insurance coverages include: Agreement and ask these questions; organizations include funds for cyber
care entities as well, where multiple 1. Regulatory fines and penalties – • When is the coverage triggered? insurance policies in their annual budg-
organizations have paid ransom in order offers insurance coverage for regulatory • When is notice to the insurers et, setting aside a rainy day fund for
to get back access to their systems and fines and penalties that could be huge. required? cyber liability.
data. A cyber attack can lead to loss of 2. Business Interruption - Cyber • How are breach counsel and vendors
systems and information, disruption of attacks can be so damaging that the hos- selected? Sanjay Deo is the President and CEO of
procedures, and serious reputation risk. pital may be unable to resume daily oper- • What requirements does insured 24By7Security, Inc. which focuses on com-
As risk of cyber attack keeps growing, so ations after the incident, for instance, company have to meet, to be eligible for pliance and security issues for healthcare
does the compelling need to take insur- damaged databases, inoperable life-sup- payment of claims? and other industries and provides services
ance cover against their cyber risks. port systems, or loss of networks. b) Are there exclusions/sub limits of such as HIPAA security assessment, breach/
If a hospital has a cyber insurance pol- 3. Credit monitoring – covers identity the cover? Some examples are: incident response, HIPAA policies and
icy, and there’s a breach, the policy may protection and credit monitoring costs • Portable electronic device exclusions procedures, security training and more.
cover some of the expenses. Each organ- for victims of a data breach. • Intentional Acts Exclusion To learn more about the firm, please visit
ization should plan for cyber insurance 4. Forensics - covers costs involved in • Terrorism Exclusions or Acts of God. www.24By7Security.com or reach Sanjay
depending on their specific forensics investigation, gathering evi- • Negligent Computer Security directly at sanjay.deo@24By7Security.com.
Cybersecurity infrastructure and budget. dence, and resolution co-ordination. Exclusion

Cover Story: Jupiter Medical Center Implements Watson for Oncology

to Help Oncologists Make Data-Driven Cancer Treatment Decisions

Continued from page 1
According to the American Cancer regarding drug options and administration train Watson on at least 9 additional can-
Society, in the state of Florida, there will be instructions. Watson also ranks the evi- cer types this year, covering nearly 80 per-
an estimated 125,000 new cancer cases dence-based treatment options, linking to cent of the worldwide incidence of cancer.
this year. As healthcare providers and sys- peer reviewed studies and clinical guide- “We’re not looking at this as a discreet
tems seek to enable data-driven, evidence- lines. Its machine-learning capability piece of technology. Rather, it’s a piece of
based cancer care, an explosion of medical means it continuously learns, gaining in technology that is going to help our physi-
information has created both challenges value and knowledge over time. cians make better, more well-informed
and opportunities to improve quality care. “Artificial intelligence, such as Watson decisions around certain types of organ-
Currently, approximately 50,000 oncology for Oncology, is going to become a bigger based cancers,” notes Couris. “And that’s
research papers are published annually, part of healthcare because, implemented because Watson, every single day, every
and by 2020 medical information is pro- correctly, it can improve service, clinical single moment, is reading the world's liter-
jected to double every 73 days, outpacing outcomes, and quality while lowering cost ature on oncology in every country, in and go somewhere else,” he says.
the ability of humans to keep up with the through the reduction of variability in clin- every language, in every journal, in every “Technology, along with a lot of other
proliferation of medical knowledge. ical processes,” says Couris. “We’re look- book and it's assimilating that data. So to advances, including world-class physi-
Watson for Oncology provides informa- ing at Watson as another data source for be able to access a vast library of research cians, has made our world a smaller world.
tion to oncologists to help them deliver our physicians to use in the fight against and have it at your fingertips is power and It has made it easier for people to stay
evidence-based treatment options by ana- cancer. It’s yet another tool to diagnose, it's power for the patient.” home and stay local. You don't need to go
lyzing massive volumes of medical litera- treat and, ultimately, cure cancer, so we For Couris, the investment and imple- somewhere to get access to the latest tech-
ture to identify individualized treatment think this is the beginning of a very long mentation of Watson for Oncology nology, the latest innovations, and the lat-
options and scaling access to oncology and successful journey.” demonstrates how far Jupiter Medical est programs because technology has
expertise. Watson for Oncology draws IBM and MSK have been accelerating Center has come. enabled organizations like ours to bring
from more than 300 medical journals, Watson for Oncology’s training; Watson “About 30 years ago, when people were that excellence home and keep it right
more than 200 textbooks, and nearly 15 for Oncology is now available to assist cli- asked who do you call when you have a here for the local community.”
million pages of text to provide insights nicians in developing treatment plans for major medical issue or you have a disease
about different treatment options and also breast, lung, colorectal, cervical, ovarian or illness, the joke around South Florida is For more information on Jupiter Medical
provides oncologists with information and gastric cancers. IBM and MSK plan to that you call Delta Airlines and get a flight Center, visit Jupitermed.com/Watson.

20 April 2017 southfloridahospitalnews.com South Florida Hospital News