Allied World first to offer HITRUST CSF Certified organizations enhanced cyber insurance provisions
Frisco, TX and New York, NY – February 22, 2016 – The Health Information Trust Alliance (HITRUST), the leading organization supporting the healthcare industry in advancing the state of information protection, in partnership with Willis Towers Watson, a leading global advisory, broking and solutions company, announced today that healthcare organizations and vendors who are HITRUST CSF Certified will benefit from preferred terms and conditions.
Over the past five months, Willis Towers Watson and HITRUST have worked to educate cyber insurers regarding the use of the HITRUST CSF and CSF Assurance program in supporting the cyber risk underwriting process. Insurers have found the HITRUST CSF to offer many advantages over the existing approaches, including: providing a comprehensive and mature controls framework, aligning strong controls with risk, and accurately and consistently measuring residual cyber risk. 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.
“We are very pleased with the first HITRUST CSF related program that has been developed,” said Geoffrey K. 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.”
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 U.S.
After review and analysis, Allied World U.S. has determined that the HITRUST CSF framework and CSF Assurance methodology, the key components of the HITRUST CSF Assessment program, will enhance its underwriting program in terms of efficiency, consistency and accuracy, 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. The comprehensiveness and improved risk reporting enabled by the HITRUST CSF and the CSF Assessment summary scores in place of many of the standard information security application questions create a more streamlined application process.
“Managing information risk and compliance is a key goal of most healthcare organizations, and this program is another milestone in demonstrating how comprehensive and effective the HITRUST CSF and CSF Assurance are in aiding organizations in meeting that goal,” said Daniel Nutkis, CEO, HITRUST.
“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,” said Joshua Ladeau, Practice Lead – Privacy & Network Security, Allied World U.S.
Healthcare organizations wanting to learn more about the AWAC program for CSF Assessed organizations can visit the Cyber Center page or contact your insurance broker.
About Allied World
Allied World Assurance Company Holdings, AG, through its subsidiaries and brand known as Allied World, is a global provider of innovative property, casualty and specialty insurance and reinsurance solutions. Allied World offers superior client service through a global network of offices and branches. All of Allied World’s rated insurance and reinsurance subsidiaries are rated A by A.M. Best Company, A by Standard & Poor’s, and A2 by Moody’s, and our Lloyd’s Syndicate 2232 is rated A+ by Standard & Poor’s and AA- by Fitch.
About Willis Towers Watson
Willis Towers Watson (NASDAQ: WLTW) is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. With roots dating to 1828, Willis Towers Watson has 39,000 employees in more than 120 countries. We design and deliver solutions that manage risk, optimize benefits, cultivate talent, and expand the power of capital to protect and strengthen institutions and individuals. Our unique perspective allows us to see the critical intersections between talent, assets and ideas — the dynamic formula that drives business performance. Together, we unlock potential.
Founded in 2007, the Health Information Trust Alliance (HITRUST) was born out of the belief that information protection should be a core pillar of, rather than an obstacle to, the broad adoption of health information systems and exchanges. HITRUST – in collaboration with public and private healthcare technology, privacy and information security leaders – has championed programs instrumental in safeguarding health information systems and exchanges while ensuring consumer confidence in their use.
HITRUST programs include the establishment of a common risk and compliance management framework (CSF); an assessment and assurance methodology; educational and career development; advocacy and awareness; and a federally recognized cyber Information Sharing and Analysis Organization (ISAO) and supporting initiatives. Over 84 percent of hospitals and health plans, as well as many other healthcare organizations and business associates, use the CSF, making it the most widely adopted security framework in the industry. For more information, visit https://www.HITRUSTalliance.net.
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