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Smart Cyber: Made for Healthcare

Corvus is partnering with healthcare firms to combat cyber risk.

With lives on the line, the healthcare sector has no room for downtime. Yet the frequency of ransomware attacks on healthcare entities increased 142% between Q1 2021 and Q1 2023.

[DIAGRAM] The bright side of the cyber threat landscape

The bright side

Despite the current threat landscape, we’re offering broad policy language, competitive terms, and endorsements made with healthcare firms in mind. 

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Endorsement

Made for Healthcare

Our endorsement extends coverage to systems specifically used by the healthcare industry: medical equipment used in the course of care that is connected to the internet, Electronic Medical Record (EMR), patient Customer Resource Management (CRM), Picture Archiving and Communication System (PACS).

[DIAGRAM] Cyber insurance coverage made for Healthcare

Coverage

Industry-Specific Coverage

HIPAA Corrective Action Plan

 

Coverage extends to cover the costs to recertify the insured’s HIPAA compliance status as well as to create and implement a HIPAA Corrective Action Plan.

 

 

Outsourced Service Providers

 

Coverage expands the definition of Outsourced Service Provider to include Electronic Health Record Systems (EHR) providers, which are commonly used for accessing patient files electronically.

 

 

Preventive Shutdown

 

Coverage expands the Business Interruption and Contingent Business Interruption insuring agreements to situations where the Insured’s or Outsource Service Provider’s system may need to be shutdown to mitigate, reduce, or avoid further damage or interruption in service caused by a computer crime or computer attack.

Expanded Definition of Computer Systems

 

Coverage extends to systems specifically used by the healthcare industry: medical equipment used in the course of care that is connected to the internet, Electronic Medical Record (EMR), patient Customer Resource Management (CRM), Picture Archiving and Communication System (PACS.

Appetite

Limits up to $5M
Primary risks earning up to $2B in gross annual revenue
Excess risks earning up to $2B in gross annual revenue

Claim Scenario

Medical Services Provider

[DIAGRAM] Data privacy incident is disclosed to medical services provider

[ICON] Step #1

Data privacy incident is disclosed

A medical services provider received notice from its vendor disclosing a data-privacy incident involving Protected Health Information (PHI).

[DIAGRAM] Data privacy incident is disclosed to medical services provider

[ICON] Step #2

[DIAGRAM] Legal and regulatory obligations are triggered

[DIAGRAM] Legal and regulatory obligations are triggered

Legal and regulatory obligations triggered

The incident resulted in the exposure of PHI, necessitating notices to both regulators and patients.

[ICON] Step #3

[DIAGRAM] Corvus takes action to help with the cyber attack

Legal counsel responds to investigation

Corvus connected the provider with experienced legal counsel to assist with issuing notice to federal and state regulators, and a firm to assist with patient notification.

[DIAGRAM] Corvus takes action to help with the cyber attack

[ICON] Step #4

[DIAGRAM] The Corvus policy responds to help the medical services provider

[DIAGRAM] The Corvus policy responds to help the medical services provider

Corvus policy responds

The provider’s Smart Cyber policy covered costs associated with legal counsel and notification, helping the provider to respond with confidence and recover financially from the incident.

Desired Sub-Classes

  • Clinics
  • Health Practitioners/ Physicians/Dentists
  • Health Departments 
  • Health Services (Emergency & Outpatient Care Centers, Blood and Organ Banks, Telemedicine) 
  • Healthcare Consultants
  • Hospitals


  • Labs
  • Long-term Care/Assisted Living
  • Medical Groups
  • Pharmacies
  • Radiology/Imaging Centers
  • Skilled Nursing
  • Surgery Centers
  • And more…

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*Eligibility for such program is determined when you apply for coverage. Policy quotes, terms and conditions, and premiums are made in accordance with Corvus Insurance’s underwriting guidelines. The policy, not general descriptions or material within this information, will form the contract between the insured and our insurance carrier partners. Coverage may not be available in all jurisdictions.