How To Do a HIPAA Risk Assessment – Part 5

Now that you know what you need, and you know the necessary steps to start your required HIPAA Risk Assessment, you can start looking into cyber insurance options and applications.

Cyber insurance is essential.  Doctors and health care providers who deal with electronic protected health information (ePHI) should look to further protect themselves by purchasing cyber insurance. It is the final step in the HIPAA Risk Assessment process.

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Applications for cyber insurance should not be completed until you are finished implementing your Risk Assessment and have policies in place to stay compliant with HIPAA. A complete risk assessment will allow you to get lower cyber insurance rates for your practice because premiums are based on your level of protection.

Cyber insurance is designed to mitigate losses from incidents, such as data breaches.

Cyber insurance is not only helpful after a breach, but it also reduces the number of cyber attacks by:

  1. Encouraging providers to adopt preventative measures for more insurance coverage, and
  2. Encouraging the implementation of policies and procedures by basing premiums on the level of self-protection a provider has in place.

Don’t forget, HIPAA Risk Assessments are not only important to get cyber insurance, but they are essential to avoid costly OCR fines and detrimental security breaches.

We make sure our clients take the necessary steps to become compliant with HIPAA, and avoid penalties and breaches. We also help clients take the required steps to get the additional protections offered by cyber insurance.

We can help you create a customized HIPAA Compliance Plan, including employee training programs and job aids. Contact us today!

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