Healthcare organizations and vendors that are HITRUST CSF certified will be offered preferred terms and conditions on their cyber insurance thanks to a scheme arranged by HITRUST and broker Willis Towers Watson.
This announcement is the first deliverable in a partnership previously announced between Willis Towers Watson and HITRUST to improve cyber risk insurance options for healthcare organizations.
Allied World is the first company to consider preferred terms and conditions based on the HITRUST CSF standards being met. The program will be open to all brokerage partners approved to submit cyber business to Allied World US.
After review and analysis, Allied World US said it has determined that the HITRUST CSF framework and CSF Assurance methodology will allowing it to better align the effectiveness of an organization’s security controls with cyber insurance premium levels.
The review also concluded that organizations that had obtained a HITRUST CSF certification posed lower cyber-related risks than those organizations that have not.
“We are very pleased with the first HITRUST CSF-related program that has been developed,” said Geoffrey Allen, executive vice president, FINEX North America, a division of Willis Towers Watson. “We are working with a number of cyber insurers that we expect will offer CSF Assessment-based programs over the coming months.”
Joshua Ladeau, practice lead – privacy and network security, Allied World US, said: “Providing streamlined, end-to-end privacy and network security-related solutions is an enduring theme for Allied World, and helping to spearhead this initiative is consistent with that theme.”
“The partnership between Willis and HITRUST represents a significant step toward creating common standards for underwriting review, and adds significant efficiencies to the existing process,”
Allied World, Willis Towers Watson, Geoffrey Allen, Joshua Ladeau, US
