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October is Cyber Security Month, making it a good opportunity for care providers to review not only how they protect their systems and data, but what would happen if those defences were breached.
Care organisations hold significant amounts of sensitive information, rely on digital systems for everyday operations and increasingly use technology across care delivery, finance, HR and communications.
Cyber insurance can provide financial protection and specialist support following a cyber incident. However, at Quality Care Group, we believe the conversation should start before an attack takes place.
That is why our cyber insurance proposition is provided through Coalition, whose Active Insurance approach combines cyber insurance with technology designed to help organisations identify, understand and mitigate cyber risks.
Cyber insurance is designed to help organisations manage the financial and operational consequences of cyber incidents such as ransomware, data breaches, email compromise and digital theft.
Depending on the policy and circumstances of the incident, cover may provide access to specialist incident response, forensic investigation and support with recovering business operations, alongside financial protection for insured losses.
For a care provider, that can be particularly important because a cyber incident has the potential to disrupt far more than the IT department.
Care organisations can hold personal, financial and sensitive information relating to residents, service users, employees and families.
They can also depend on technology for areas including care records, medication systems, payroll, rotas, email, banking and communication.
A successful cyber attack could therefore create operational disruption at the same time as exposing sensitive information or creating a financial loss.
It is one reason cyber security should be viewed as a wider business risk rather than simply an IT issue.
This is where the approach offered through Quality Care Group differs from traditional insurance.
Coalition calls its approach Active Insurance. Rather than concentrating solely on providing cover after something has gone wrong, it combines insurance with technology and expertise designed to help identify and mitigate cyber risks.
Coalition's approach includes active risk assessment, active protection and active response.
Its technology analyses information from the public and dark web to build a picture of an organisation's cyber exposure. Coalition Control® can then help identify vulnerabilities and provide alerts or recommendations when risks are detected.
The aim is simple: help secure your organisation before an incident while providing protection and expert support if something does happen.
Cyber risk can change quickly. A business that appears secure today may develop a vulnerability tomorrow following a software change, emerging threat or compromised system.
Coalition uses active monitoring to identify potential exposures throughout the life of a policy. Where vulnerabilities are identified, policyholders can receive alerts plus recommendations about steps that can be taken to address the risk.
This changes the relationship between insurer and policyholder.
Rather than waiting for a claim, the objective is to reduce the likelihood or potential impact of an incident in the first place.
Even organisations with strong cyber security controls cannot remove cyber risk completely.
If an incident occurs, speed of response can make a significant difference.
Coalition provides access to incident response expertise designed to help stabilise the situation, understand what has happened and support the restoration of business operations.
The insurance element then provides protection in accordance with the terms, conditions and limits of the policy.
It creates a three stage approach to cyber risk:
Assess the risk. Protect against the threat. Respond when something happens.
October provides a useful prompt to consider some simple questions:
Cyber security is not something that should only be considered once a year, but Cyber Security Month provides an opportunity to start the conversation.
The traditional view of insurance is that it is there when something goes wrong.
Cyber risk requires a more proactive approach.
Through our relationship with Coalition, Quality Care Group can help care providers access cyber insurance that combines financial protection with tools and expertise designed to identify and mitigate cyber threats.
It means cyber insurance can become part of your organisation's wider approach to managing digital risk, rather than simply being a policy you hope never to use.
If you would like to understand your organisation's cyber exposure or review whether your existing cyber insurance provides the protection your care business needs, speak to the Quality Care Group team.
We can help you understand the risks, explore the protection available and explain how Coalition's Active Insurance approach could support your organisation.
