Cornell Insurance Blog

Emerging Risks in the Healthcare Industry

Posted by Cornell Insurance Services on Sep 22, 2015 11:30:00 AM


Understanding Emerging Risks

As technology advances, new risks are surfacing. It’s terrifying to think how easy it is for the wrong people to get your personal information, especially as a business owner. Hackers could ruin your business in minutes if they got their hands on valuable information. In healthcare, patients’ personal information is all in one area, making it a goldmine. Cyber attacks and drones are on the rise, finding personal information. More and more specialty drugs are being released leading to more risk of side effects in patients and 3D printed materials are being used and developed for the healthcare industry. Risks are always developing and it’s important to understand them fully in order to take proper precautions.

Cyber Attacks

Cyber attacks have been on the rise the last couple of years and will only continue to rise. As people develop technology to block out the hackers, they seem to keep finding their way around the barricades. Having a secure internet connection, protected by a password will help to an extent. Encrypting your data is also a strong security measure, giving anyone who tries to read your data a mixed serious of symbols.


Within the last year, drones have been everywhere and causing a lot of controversy. Everyone from the government to hackers to children have been buying up drones and flying them in public and private places. Since they are fairly new to consumers, there aren’t many laws protecting citizens and they’re personal property. Drones are extremely invasive, collecting video footage of wherever they fly, leaving your personal information out in the open. There haven’t been any security measures towards drones, mostly because people can’t control the air around them.

Specialty Drugs

With specialty drugs on the rise, workers compensation has also had to readjust to the new risks that have risen. Specialty drugs are targeted for a specific illness but sometimes the trial period is not long enough or thorough enough to generate proper results causing people to experience complications.

3D Printed Materials

Healthcare is benefitting a lot from 3D printing prosthetics but they are also working on 3D printed organs. There will be a lot of questions for the first fifty years, at least. How long will these organs function? Will the body reject them? With all of these possibilities, the risks are high and when it comes to healthcare, testing will be most accurate only on humans.

These emerging risks will impact us greatly over the next couple of years while we adjust to these new developments. New laws will need to be written for regulation purposes and insurance will be on the rise. Understanding emerging risks will greatly benefit you and your company.

Protecting your assets is important and having a broker who specializes in Risk Management will make the transition easier.


Topics: risk management, healthcare