2022 Healthcare Cyber Insurance Renewal Report

The 2022 Healthcare Cyber Insurance Renewal Report was just released. CHIME surveyed 71 healthcare executives with CHIME memberships to answer cyber insurance renewal questions. Here’s what was discovered!

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For the most part, healthcare information security programs are being created, managed, and maintained by healthcare IT departments. This can be a huge struggle as cybersecurity goes well beyond IT. Cybersecurity, especially cybersecurity in the healthcare industry, is an intensive field that requires vast amounts of specified knowledge to keep up with the ever-changing climate.
As far as Cybersecurity Frameworks go, the majority of healthcare executives are using the National Institute of Technology (NIST) Cybersecurity Framework (CSF). Surprisingly, 14.08% of surveyors don’t currently have a cybersecurity framework in place! The majority of healthcare executives feel confident about the usage of Multi-Factor Authentication at their company, the current state of their Phishing Defenses and/or Awareness Programs, and the completeness of their backups. However, they are unsure how they feel about two things: their disaster recovery plans and capabilities as well as their visibility tools for IoMT. The majority of healthcare systems also have a plan in place for cyber insurance policy renewal, though only 1.41% of surveyors said they have renewed their cyber insurance policy. The rest of the surveyors said they were mostly concerned about the cost of premiums.