As awareness levels are raised regarding cybercrime and data security, especially with the recent surge in ransomware attacks, cyber ransom liability insurance has really taken off, according to a recent article by Jessica Davis on HealthcareITNews. It makes sense, considering that a recent survey revealed that the average cost of healthcare organization data per stolen record is more than double that of the average data breach, with healthcare records costing an average of $355 per stolen record compared to an average cost across all sectors of $158 per record.

Companies that invest in insurance need to ensure they understand the coverage they’re getting, including coverage dates. All policies have limits, both monetarily and specified timeframes. Also, don’t forget the HIPAA component, with respect to data integrity and security. The bottom line: Read your policy, know what it contains, and make sure it covers your business needs.

At Crossroads Technologies, we take 100% accountability for your IT security. When you engage with us, you can rest assured knowing that we are on the cutting edge of security and compliance issues, and if anything were to happen, it’s on us. We guarantee it, 100%. Because when you have a breach, it’s too late for insurance.