Healthcare Billing Companies Save Millions With Cyber Insurance Secrets
Real-World Examples and Financial Context
Several healthcare billing companies have already reaped the benefits of cyber insurance. For instance, a mid-sized billing firm in the Midwest faced a ransomware attack that encrypted their data and demanded a hefty ransom. Thanks to their comprehensive cyber insurance policy, the company was able to cover the costs of data recovery and legal consultation, ultimately saving them an estimated $1.5 million in potential losses.
In terms of cost, cyber insurance premiums can vary widely based on factors such as company size, industry, and risk profile. On average, premiums for healthcare organizations range from $7,500 to $20,000 annually for $1 million in coverage2. While this may seem like a significant investment, the potential savings in the event of a breach far outweigh the initial costs.