Dissertation

A Case Study of the Role of Cybersecurity Insurance in Mitigating the Risk of Data Breaches in the Healthcare Industry. Chapter One: Introduction Introduction This section of the dissertation provides an introduction to the study and its subsections include the general background of the study, research problem, objectives, and the significance of the study. Cybersecurity is an important issue in healthcare and cyber insurance is one of the methods companies can use to mitigate risk. The organizations in the sector need to identify the issues resulting from risks in healthcare and provide solutions to the problems. This section provides a background to the issue of cybersecurity insurance in the healthcare sector and the current study. It establishes the problem for the study and indicates the study objectives for the current research. The section includes a description of the significance of the study showing how the findings will improve cybersecurity in the industry. Background of the Study Information systems play a major role in improving service delivery in hospitals since they are a major part of modernization in the industry. Hospitals have implemented complex systems to collect, analyze, and store consumers’ information to improve service delivery in hospitals. The current study is one of the many research projects targeting ways that healthcare companies can improve care delivery by using information systems. Additionally, the study demonstrates the measures that organizations in the sector may use to respond to potential risks and actual attacks on their information systems (Kabir et al., 2020). The role that technology plays in the modern delivery of healthcare services is a significant advancement in the sector. Through complex structures that collect and analyze data, healthcare organizations are able to provide personalized services to their patients and improve the healthcare outcomes. Professionals treating one patient may share information with each other to effectively offer quality services to individuals receiving care. Such structures allow the organizations to facilitate information sharing among individuals working in different hospital settings and among organizations contracted by hospitals. Consequently, it is important that organizations develop quality information systems with secure data storage and sharing structures to improve service delivery. Companies should invest in the creation of quality security systems and develop protocols that manage the use of consumer information in healthcare facilities. The current trends in data security indicate that hospitals need to improve the protection of their information systems since they are among the most vulnerable organizations. Financial risks in cybersecurity include liabilities for information lost to perpetrators, ransoms, and the cost of litigations. A major strategy for healthcare organizations is to rely on cybersecurity insurance to mitigate risks. The insurance protects the organizations from financial implications of the employees’ actions and behavior, internal vulnerabilities, and external factors in cybersecurity that could lead to losses. It is important that companies develop adequate measures to prevent risk and mitigate the implications that the risks have on the stakeholders. Cybersecurity insurance takes the form of premiums that companies pay to gain coverage for financial implications of data security issues in the organizations. Companies rely on such insurance procedures to mitigate the effects of internal and external factors making them vulnerable to attacks. The most effective approach to cybersecurity is to prevent the cyber-attacks in their entirety by protecting the systems (Romanosky et al., 2019). Organizations can achieve this goal through a combination of strategies including firewalls, physical barriers to hardware, and restrictions on how people access information systems. It is important that companies develop adequate measures to prevent their systems from being hacked by attackers. However, the nature of cybersecurity issues in the healthcare sector makes it impossible to rely on protection of systems alone. Companies have to take a step further to mitigate risks in data security and mitigate risks. Cybersecurity insurance is a major approach for organizations in the industry as it lowers the financial implications of the risks organizations may face. Study Problem Preventing cyber-attacks in information systems is a major strategy for companies in the healthcare industry. Organizations have taken a step further in mitigating risk by acquiring insurance for financial implications related to cybersecurity. The organizations are willing to pay premiums to have coverage for the financial implications of cyber-attacks on their information systems (Panda et al., 2021). The goal of the organizations is to reduce the losses resulting from such attacks including ransoms, litigation, and liability to the owners of data. Importantly, healthcare information systems hold protected health information that is vital in protecting consumers and improving the delivery of quality health services. It is important that companies create elaborate measures to ensure that they are protected from the financial effects of cybersecurity issues. Cybersecurity insurance is a developing trend that has offered solutions for companies in the healthcare sector. The model for data security offers essential solution for o