As cyber attacks on health care soar, so does the cost of cyber insurance
- But the sheer scope of the problem, and insurers' reluctance to cover losses stemming from ransomware attacks, is hitting hospitals in a very real way, Moody's Investors Services points out.What they are saying: "The cost of insurance is rising and it's coming at the worst time for health care.
- Illustration: Aïda Amer/AxiosHealth systems buffeted by labor and supply chain costs and broader economic woes have another unwieldy financial problem: the soaring costs of cyber insurance.Why it matters: It may not be sexy — or the first thing you think about when cybercriminals wreak havoc on hospital infrastructure.
- The big picture: As the threat of ransomware attacks rise — and the payouts grow too — it raises an existential question: Are cyber threats becoming so risky as to become uninsurable?
- The big picture: When cyber insurance first emerged in the early aughts, it was often included as part of other policies.
- The intrigue: In some cases, health systems have actually gotten their records back — and one even got an apology — from hackers after being told they were endangering patient lives.
Health systems buffeted by labor and supply chain costs and broader economic woes have another unwieldy financial problem the soaring costs of cyber insurance.Why it matters It may not be sexy or [+6385 chars]