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  Hey everyone, I'm Drex, and this is the 2 Minute Drill, where I do at least three stories, twice a week, all part of one great community, the 229 Cyber and Risk Community, here at This Week Health. Today's drill is brought to you by Fortified Health Security. No matter where you are in your cybersecurity journey, Fortified can help improve your security posture.

7 Threat Defense Services. or advisory services delivered through Central Command, a first of its kind platform that simplifies cybersecurity management and provides the visibility you need to mature your program. Learn more at FortifiedHealthSecurity. com. Thanks for joining me today. Here's some stuff you might want to know about.

There's a lot of estimating from lots of sources on the losses resulting from the CrowdStrike incident. Parametrics estimates the healthcare impact alone may reach 1. 9 billion dollars. That means there will be a lot of insurance claims. And when it comes to companies who sell cyber security insurance and business interruption insurance, it appears those firms will probably take a fairly heavy financial hit.

I'd expect now that you should start predicting that your insurance costs will go up even more in the future. While it looks like the recovery from the incident has happened pretty quickly, especially when compared to the recovery time of more full blown ransomware attacks and major security incidents.

The CrowdStrike interruption crosses multiple organizations and multiple industries. And that's why the impact will turn out to be a much bigger deal overall for insurance companies. Of course, many organizations have chosen to self insure, but even when you have a policy, the variation in business interruption and cyber insurance coverage can be significant.

So I'm betting you're already doing this, but make sure that your CISO and CIO are wrapped in pretty tightly to the discussions you may be having on claims. Some of the experts are, of course, predicting there will be litigation between those who are insured and the insurance companies themselves.

Compared to FHIR or Hurricane Insurance, which has been litigated to death, a lot of the language in these business interruption policies can still be open to some interpretation, and sometimes the only way to legally lock down those definitions is, unfortunately, through litigation. And there's bound to be a lot of continued discussion on the challenges we're having generally with third party and supply chain interruptions in our health systems.

Between change and CrowdStrike, if there's one thing that's clear now, there's absolutely a trade off between economies of scale and cost savings, those things we get from consolidation, and the risks to the industry, and the whole economy associated with that same consolidation. And ultimately, that's why at the 229 Project, we talk not just about cybersecurity, but also about risk, because everything is connected to everything else.

There's a bunch of stories on all of this stuff, CrowdStrike, insurance claims, consolidation risk, a whole lot more at thisweekhealth. com slash news. Thanks again to our two minute drill sponsor, healthcare cyber partner, Fortified Health Security. With a 98 percent client retention rate and three consecutive best in class awards, Fortified's exclusive focus on healthcare cybersecurity makes them the go to partner for healthcare organizations wanting to strengthen their cybersecurity posture.

Find out more at fortifiedhealthsecurity. com. You can find also all of the two minute drills at This Week Health. And that's it for today's two minute drill. Thanks for being here. Stay a little paranoid. I'll see you around campus.