Clearwater CEO Bob Chaput Shares Expertise on Insuring Hospital Cyber Risks

Hospitals and health systems use captive insurance as an alternative to commercial carriers for professional liability, property, and workers comp insurance.

Bob Chaput, CEO, Clearwater Compliance, a top-ranked, award-winning provider of healthcare cyber risk management and compliance solutions, recently shared his expertise in the newest Business of Healthcare (BOH) episode, “Why Manage Cyber Risk through an Insurance Captive?” on insuring hospital cyber risks through captives.

BOH recently announced its newest episode, designed to help hospital and health system leaders better understand how captive insurance proves to be critical in the ongoing effort to manage and reduce cyber risk. Chaput, along with Rebecca Cady, VP and Chief Risk Officer, Children's National Health System, share their expertise on ways health systems and hospitals can improve cyber risk management, transfer cyber risk, and better identify, manage and avoid cyber risk.

In the new BOH series, Chaput shares expertise on:

How captives provide financial savings and leadership engagement in managing cyber risk.

Ways insurance captives have improved risk identification and controls for patient safety risks over the past 20 years.

Arguments in favor of and against placing cyber risk management into a captive.

Best organizational cyber risk investments.

Over the past 20 years, captives have helped drive a reduction in malpractice claim and catastrophic patient injury, especially in obstetrics and emergency medicine. Large providers are now experimentally using captives for other forms of risk such as employee health plans, managed care contracts, and director and officer exposures. Cyber is a new risk strategic to captive insurance.

To view the interview, click here.