American Hospital Association’s subsidiary, AHA Solutions, Inc., has chosen Chubb Group as the lead provider of cyber liability insurance for its members.
“Hospitals take their responsibility to safeguard patient information very seriously as more and more patient information is stored electronically,” said Anthony J. Burke, president and chief executive officer of AHA Solutions, Inc. “After an extensive due diligence process, we are endorsing Chubb because of its thorough understanding of healthcare organizations and their cyber security vulnerabilities. We look forward to collaborating with Chubb on sharing its knowledge with our members to help prevent data breaches, as well as providing healthcare organizations with a tailored insurance product that can help mitigate the financial and reputational damage that may occur with a data breach.”
Chubb’s CyberSecurity for Health Care Organizations product insures against the ramifications of a data breach by covering legal defense, crisis management and privacy-notification expenses as well as a number of regulatory fines and penalties.
The American Hospital Association, like other Chubb CyberSecurity customers, is eligible for partial reimbursement of costs for retaining cyber loss prevention services from certain consultants, attorneys and vendors. The AHA will also have access to eRisk Hub, an online cyber risk management program.
“Healthcare providers should be prepared for the inevitable data breach—perhaps, the most significant threat they face today,” stated Kim Holmes, deputy health care product manager for Chubb Specialty Insurance. “The insurance coverage and loss prevention tools available through CyberSecurity by Chubb—including the only loss prevention reimbursement program available today—can help organizations comply with increasingly stringent regulations while providing significant protection to their bottom lines.”
In 2011, a Privacy Rights Clearinghouse study said that almost a third of all the U.S.’s reported data breaches hit healthcare organizations.