The AHA Endorses Chubb’s Cyber Insurance Product for Health Care Organizations
The American Hospital Association, through its subsidiary AHA Solutions, Inc., has selected the Chubb Group of Insurance Companies as the preferred provider of cyber liability insurance for its members.
CyberSecurity by ChubbSM for Health Care Organizations provides customized protection for data breaches, including coverage for legal defense, crisis management and privacy notification expenses as well as certain regulatory fines and penalties. CyberSecurity customers may also receive a premium reimbursement for retaining cyber loss prevention services from a select group of consultants, attorneys and vendors. In addition, customers receive complimentary access to Chubb’s eRisk Hub®, an online cyber risk management platform.
“Hospitals take their responsibility to safeguard patient information very seriously as more and more patient information is stored electronically,” said Anthony J. Burke, president and CEO of AHA Solutions, Inc. “After an extensive due diligence process, we are endorsing Chubb because of its thorough understanding of health care organizations and their cyber security vulnerabilities. We look forward to collaborating with Chubb on sharing its knowledge with our members to help prevent data breaches, as well as providing health care organizations with a tailored insurance product that can help mitigate the financial and reputational damage that may occur with a data breach.
Last year, according to or a study by etc. revealed that nearly one-third of all reported data breaches in the United States involved health care organizations. Under the Health Information and Technology for Economic and Clinical Health Act (HITECH), a health care organization may be fined up to $1.5 million per year as a result of a data breach. In addition, HITECH requires notification of affected individuals when a breach of their unsecured protected health information creates a real risk of harm for those individuals. at an average cost of $214 per record, according to the Ponemon Institute.
“Health care providers should be prepared for the inevitable data breach—perhaps, the most significant threat they face today,” said Kim Holmes, deputy health care product manager for Chubb’s specialty insurance lines. “The insurance coverage and loss prevention tools available through CyberSecurity by Chubb—including the only premium reimbursement program available today—can help organizations comply with increasingly stringent regulations while providing significant protection to their bottom lines.”
AHA Solutions, Inc. awards the AHA endorsement to products and services that help member hospitals and health care organizations achieve operational excellence. CyberSecurity by Chubb for Health Care Organizations was selected for the AHA endorsement following an extensive due diligence process that identified it as a leader in providing robust and flexible insurance coverage options to health care organizations for data breach protection and proactive risk management solutions.
About the American Hospital Association The American Hospital Association is a not-for-profit association of health care provider organizations and individuals that are committed to the improvement of health in their communities. The AHA is the national advocate for its members, including close to 5,000 member hospitals, health systems, other health care organizations, and 42,000 individual members. Founded in 1898, the AHA provides education for health care leaders and is a source of information on health care issues and trends.
About AHA Solutions AHA Solutions, Inc. is a resource to hospitals pursuing operational excellence. As an AHA member service, AHA Solutions collaborates with hospital leaders and market consultants to conduct product due diligence and identify solutions to hospital challenges in the areas of care continuum, clinical integration, cultural transformation and financial sustainability. As a subsidiary of the AHA, the organization convenes people with like interests for knowledge sharing centered on timely information and research. AHA Solutions is proud to reinvest its profits in the AHA mission: To advance the health of individuals and communities.
About Chubb The member insurers of the Chubb Group of Insurance Companies form a multi-billion dollar organization providing property and casualty insurance for personal and commercial customers worldwide through 8,500 independent agents and brokers. Chubb’s global network includes branches throughout North America, Europe, Latin America, Asia and Australia. For more information, visit www.chubb.com.