How Costly is a Cyberattack?

Cyberattacks and the following consequences can be extremely costly.

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Recently, Anthem paid $39.5 Million to settle an investigation into a 2015 cyberattack.

The Anthem attack occurred when a user opened a phishing email. This allowed hackers to get remote access, although Anthem maintains that there was no evidence the hack resulted in fraud.

Anthem already paid $16 Million to HHS’ Office for Civil Rights to settle potential HIPAA violations and $115 Million to settle a class action associated with this hacking event.

Two members of a hacking group from China were indicted for the attack.

Beyond the above costly settlements, Anthem will likely need to increase its staff trainings and has reputational harm to consider as well.

The cost associated with some cyberattacks can cause some entities to shut down.

Now is the time to protect your practice from cyberattacks.

How?

Prepare your practice and your staff by being proactive.

Take the following steps:

  • Make sure your policies and procedures are up to date
  • Train your staff on your policies and procedures, and what to do in the event a breach occurs
  • Check your firewalls and anti-virus software to ensure they are effective and up to date. Do intrusion testing
  • Send fake phishing emails to help staff recognize what to watch out for
  • Make sure your risk assessment is up to date so that you can minimize any vulnerabilities
  • Make sure that your practice is covered by sufficient cyber insurance

We help our clients protect against cyberattacks and breaches and mitigate the damage following any attacks.

Preparing now can save your business down the line.

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