Worldwide cyber crime has doubled year over year since 2012. In fact, last year it cost organizations $450 billion and industry experts fully expect it to grow to $6 trillion in 2020.
Hackers work to find the easiest way in, so it’s no surprise that two-thirds of breaches occur in small to mid-sized businesses, and of those two-thirds, 66 percent close their doors forever in the wake of a major data breach.
And we’ve found that the healthcare industry is being targeted since Personal Health Information (PHI) is 10-times more valuable than payment card information on the dark web.
Well PHI contains the usual personal data like names, addresses and birthdates, but what is particularly attractive to hackers is the social security numbers coupled with data related to their medical conditions and billing codes.
Armed with the stolen data, fraudsters file reports (or claims) with carriers and providers. And these activities can go undetected for a long period of time allowing them to collect more money over a longer period of time.
Aside from being the right thing to do, protecting PHI falls squarely on your shoulders from a legal and regulatory perspective, so it’s critical that you have a full understanding of your responsibility and have established processes for:
- Extermination and Remediation
- Post Incident Activity
A full-service insurance broker will take the time to educate you and your team and ensure you have the appropriate amount of coverage.
Signature B&B Companies provides a free, no-obligation risk assessment of your current coverage. For cyber-related information, contact Adam Abresch at 516.764.1100 or email email@example.com. For medical professional liability and other healthcare facility related coverages, please call Julie Shumer at 516.240.8872 or email firstname.lastname@example.org.