cyber insurance costs rise in health care as attacks soar
just how will that affect health care costs for employers?
by rick richardson
technology this week
health systems – having already been hit by labor and supply chain costs and broader economic woes – have another unwieldy financial problem: the soaring costs of cyber insurance.
moody’s investors service notes that, while it’s not sexy, the sheer size of cyber-crimes and insurers’ reluctance to cover losses brought on by ransomware attacks are seriously impacting hospitals.
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“the timing of the insurance price increase is bad for health care. there isn’t much room for error, ” said matthew cahill, a moody’s analyst. there have been double-digit increases in premiums over the past four years, often more than tripling in a single year. according to a recent analysis from property casualty 360, the industry’s insurance costs have finally started to stabilize in the first quarter of 2023.
