Medical and Healthcare IoT [Infographic]
The Internet of Things (IoT) has transformed all modes of transportation. For tech companies, this brings both new opportunities and new risks.
MEDICAL AND HEALTHCARE IoT
Opportunities and risks for technology companies
The Internet of Things presents possibilities along with new and uncertain risks.
- Improved patient experiences
Smart bandages and other remote monitoring devices communicate with healthcare professionals and can reduce time patients spend traveling to medical appointments.
- Greater operational eﬃciencies
RFID systems tracking hospital equipment and inventory save time locating tools to serve patients, while sensors monitoring hospital equipment can detect abnormalities and reduce downtime.
- Increased personal health and wellness
Fitness trackers allow consumers to track and review activity over time. Available at a range of prices, they are enabling physical ﬁtness for consumers across the world.
- Serious injuries or death
If a device isn’t used as intended or fails to function, it could lead to a patient’s injury or death, and the technology company could be held liable.
- Economic losses
If an error, omission or negligent act in the design of the device leads to economic losses for the purchaser of the device, the defense costs alone can be catastrophic.
- Cyber breaches
If a data breach exposes Protected Health Information (PHI), the technology company could be held liable for failing to properly secure the data.
COMPANIES CAN TAKE ACTION TO MANAGE THESE RISKS, INCLUDING:
- Adhering to appropriate quality and risk management systems
- Building cybersecurity into your devices
- Evaluating contract practices to manage exposure
Talk with your agent or broker to discuss relevant insurance coverage:
- Product liability coverage provides coverage for physical harm to a person arising out of a product manufactured, sold, handled, distributed or disposed of by you.
- Technology errors and omissions (E&O) liability coverage protects against damages that you must pay because of economic loss resulting from your products or your work, and caused by an error, omission or negligent act.
- Cyber liability and cyber-related ﬁrst-party coverage provides protection for critical cyber risk.
“DON’T LET YOUR IOT PRESCRIPTION BECOME A RISKY AFFLICTION.”
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