525120

Health and Welfare Funds

Cyber Liability Insurance for NAICS 525120

CYB

Ranked reasons a business in NAICS 525120, Health and Welfare Funds, needs Cyber Liability coverage. Each reason is specific to how this industry actually loses money, and ends with the question to ask before the objection comes up.

  1. 01

    You hold health data for every covered participant.

    • Claims, eligibility, and treatment data covers participants and dependents.
    • Health privacy law requires notification of every affected individual.
    • Penalties are assessed per record.
    ASK
    How many participant health records do you hold?
  2. 02

    Claims processing stops care and payment.

    • Eligibility and claims processing run continuously.
    • Providers and participants wait on those decisions.
    • Participants face delayed care while systems are down.
    ASK
    What happens to eligibility and claims if your systems are unavailable?
  3. 03

    Fiduciary duty covers how you protect the plan.

    • Plan fiduciaries are responsible for prudent administration including data security.
    • Regulators have issued specific cybersecurity guidance for plans.
    • Fiduciary breach is personal liability, not just corporate.
    ASK
    What cybersecurity practices does your fiduciary responsibility require?

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