Last month, Hospital Sisters Health System (HSHS) suffered a massive cyberattack that caused mass outages, leaving doctors and nurses to provide care without internet or phones for over a week. The incident affected four St. Louis-area hospitals, including HSHS St. Elizabeth’s Hospital, HSHS St. Joseph’s Breese, HSHS St. Joseph’s Highland, and HSHS Holy Family Hospital. The attack caused delays in patient care and forced some facilities to close temporarily.

According to an update from HSHS, the hospital and clinic websites, phone systems, MyChart, and guest Wi-Fi were all restored on Monday, but the hospital system is still working on restoring the rest of its systems. Patients may still experience delays.

This incident should serve as a wake-up call for insurance executives. Cyberattacks are becoming more frequent and sophisticated, and the consequences can be severe. In the case of HSHS, patient care was disrupted, and some facilities had to close temporarily, causing inconvenience and potentially putting patients at risk.

Insurance executives need to take proactive measures to protect their organizations from cyberattacks. One solution is parametric insurance, which uses real-time data to trigger payouts when specific events occur. For example, if a hospital’s systems go down due to a cyberattack, a parametric insurance policy could automatically trigger a payout to cover the costs of the outage.

At Riskwolf, we specialize in helping insurers build and operate parametric insurance at scale. Our unique real-time data and dynamic risk modeling enable insurers to respond quickly and effectively to cyberattacks and other events that could disrupt their operations.

The HSHS cyberattack is a reminder that no organization is immune to cyber threats. Insurance executives need to take proactive measures to protect their organizations and their customers from the potentially devastating consequences of cyberattacks. Contact Riskwolf today to learn more about how we can help you develop parametric insurance solutions to protect your organization from cyber threats.

Source: HSHS website, other systems back online following outage caused by cyberattack