Here are five things to know:
1. Due to increases in cybersecurity breaches, insurance premiums increased and made it more challenging for organizations with protected health information to receive necessary protection.
2. The Willis and HITRUST partnership hopes to improve insurance coverage and premiums by making cyber insurance more accessible to healthcare organizations. They plan to take an “existing information privacy and security framework, HITRUST CSF, a healthcare industry privacy and security framework and model implementation of the NIST Cybersecurity Framework,” according to the Insurance Journal.
3. Using an assurance methodology that scores effectiveness of organizations’ controls, the companies want to enhance risk assessments. They will develop products that identify and rank information security controls that often lead to cyber risk.
4. They plan to incentivize companies to use their products by rewarding organizations that have documentation of successful information security programs that deal with cyber risks.
5. Willis and HITRUST plan to release their products by the end of 2015, according to the Insurance Journal.
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