Proposed federal legislation, termed the “Health Care Cybersecurity Improvement Act of 2024,” aims to expedite Medicare payments to healthcare providers impacted by cyberattacks, provided they and their vendors adhere to specified cybersecurity standards. Senator Mark R. Warner introduced this bill on Friday, March 22, in response to the ransomware incident targeting Change Healthcare, which jeopardized the financial stability of numerous providers.
The recent cyberattack on Change Healthcare, a subsidiary of UnitedHealth Group, has thrown thousands of healthcare organizations across the United States into disarray. With millions of patients potentially affected, the American Hospital Association (AHA) is advocating for a unified notification process, urging the Department of Health and Human Services’ Office for Civil Rights (HHS OCR) to mandate that notifications come solely from the IT services firm and its parent company.
Following an attack targeting UnitedHealth Group’s digital claims processing, many Americans are facing an incredibly tough decision: Pay full price for prescriptions or go without them. The cyberattack has taken many of UHG’s systems offline, which has wreaked havoc nationwide. Coverage is being rejected as a result, and if insurance companies are not paying out, patients and hospitals are both in trouble. The cost of medical care in the US is so high, that the system crumbles without the ability to bill. Small practices and rural hospitals don’t have the luxury of large cash reserves, so weeks without billing can put them in a tough spot.
This March, Gavin Lillywhite, Axio’s Head of Insurance Distribution & Client Management discusses the Capita and Southern Water cyber breaches and their subsequent implications for insurers.
Shining light on cyber risk management program disclosure requirements
We are still riding high on our recent win at the Cyber Insurance Awards Europe 2024. Axio was recently awarded Cyber Property Damage Product of the Year, and Highly Commended in the category of Cyber Insurtech of the Year
Funds to support further development of insurance solutions within the London insurance market.
Materiality calculations have been a concept at public companies for 90 years. The SEC formulated the Securities Act of 1933 and the Securities Exchange Act of 1934, significantly shaping the understanding of materiality. Since then, we’ve seen companies calculate and present this concept in a few different ways. While we have previously discussed materiality on this blog regarding the SEC cyber rules, we looked at it from the viewpoint of an investor. What we’d like to do here is now look at it from an internal stakeholder perspective. Some questions we will cover include:
Automation and Artificial Intelligence have been part of information technology for many years, starting with simple batch scripts kicked off to automate a task in the wee hours of the morning to the more advanced robotic process automation. Ask any CISO what they want in their cybersecurity product, and the term automation tends to be mentioned as a must-have.
