The Ultimate TPRM & Cyber Risk Glossary
When in doubt, use an acronym.
Whether you’re a seasoned healthcare CISO or you’re new to the industry and convinced people are just making up acronyms—this glossary has you covered. From standard industry frameworks to CORL-specific terms, it’s your Rosetta Stone for healthcare TPRM, cyber risk, and compliance.
Understanding Healthcare Cyber Liability Insurance
Healthcare Cyber Liability Insurance is a specialized insurance policy designed to protect healthcare organizations against financial losses resulting from cyber incidents, such as data breaches, ransomware attacks, and regulatory penalties. This insurance provides coverage for a range of costs associated with cyber incidents, including legal expenses, notification and credit monitoring, data recovery, and fines for non-compliance with healthcare regulations like HIPAA. Healthcare Cyber Liability Insurance is critical for managing risks related to third-party vendors that handle sensitive health information.
For organizations relying on external vendors to manage patient data, cyber liability insurance helps mitigate financial risks if a third-party breach occurs. This coverage not only safeguards the organization’s financial stability but also demonstrates a proactive approach to managing cyber risks. Ensuring that third-party vendors carry adequate Cyber Liability Insurance adds an extra layer of protection, reinforcing the organization’s resilience against costly data breaches.