Contract obligations, third parties and cyber insurance

John Southrey, Director of Product Development & Consulting Services for the Texas Medical Liability Trust, explains what you need to understand about third-party contracts and cyber insurance to make better decisions

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Do you rely on third parties in your organization? Are you a third party to others? And have you signed agreements with these parties?

For many, the answer to all three questions is “yes.”

Do you know what obligations/risks you’ve contractually assumed in those agreements? Or what risks you expect others to take on? Do they know it? Does your insurance coverage “dovetail” with your contractual obligations?

A large part of contracts today is assuming or transferring risk to others. Once you understand the risk-shifting “game” in third party contracts, you can unlock the power to ask the right questions and make better decisions. That’s the focus of this final part of the Leading Security Change on Cyber Insurance series.

The insights come from John Southrey, CIC, CRM, Director of Product Development & Consulting Services for the Texas Medical Liability Trust. John leads the development and marketing of standalone cyber liability and technology errors and omissions liability insurance for hospitals, medical groups, Health Information Exchanges, health IT firms, and law firms. He also administers TMLT’s corporate commercial and cyber insurance, and speaks about cyber insurance to organizations throughout Texas. He is a Certified Insurance Counselor (CIC) and Certified Risk Manager (CRM).

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