Key Trends in Healthcare Cyberattacks: Breach notices from the February 2024 Change Healthcare cyberattack are emerging, now with an estimated 190 million people affected. The July 2024 CrowdStrike event also saw continued supply chain attacks on the healthcare industry. Geopolitical risks in healthcare cyber space remain a concern with heightened awareness of any potential disruptions. Supply Chain Disruptions: These continue, especially for medically necessary medications, potentially causing delays in care. Workforce Shortages: Despite a slowdown in agency staffing in 2023, the industry still faces medical professional workforce shortages, posing risks to high-quality care delivery. Abuse Claims: Insurers are interested in chaperone policies and procedures to ensure appropriate safeguards in the event of abuse claims. The number of sexual abuse and molestation claims continues to disrupt the insurer and reinsurer market.
Financial Pressures: Rising healthcare costs driven by inflation could impact organizations' ability to provide services to patients. Workplace Violence: This remains a top concern in healthcare settings. Active assailant and workplace violence liability products can help mitigate prolonged litigation stress by providing immediate response to victims. Social Engineering & Crime Risks: These remain prevalent, offering opportunities for threat actors to infiltrate healthcare networks and financial systems. Property & Natural Catastrophe Rates: With recent rate increases slowing down, independent appraisals and modeling are crucial for capitalizing on market conditions. Workers' Compensation & Management Liability: These lines are in a favorable market with increased competition and the ability to leverage coverage enhancements.
Our Recommendations: › Work with your strategic advisor and risk management team to begin the renewal process early, position risk appropriately and set expectations for potential changes in structure and pricing. › Evaluate property and building valuations to combat insurer rate increases. › Participate in and take advantage of cyber carrier resources for tabletop exercises. › Keep emergency preparedness and risk management considerations front of mind as service disruptions can result in significant financial challenges. › Evaluate self-insurance alternatives to ease market fluctuations, especially in medical professional liability lines.
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