What is the cost of cybercrime?

Over the next five years, the cost will exceed $6 trillion.

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The healthcare industry was the most attacked industry in 2015, with many breaches and cybercrime attacks.

So where do these high costs actually come from?

The costs come from a lot of places, including, but not limited to:

  • Damage done to the actual data,
  • Stolen money and intellectual property,
  • Loss of business productivity and disruption in business after the attack,
  • Theft of personal and financial data,
  • Fraud and embezzlement,
  • Investigation costs, and
  • Repair and deletion of the hacked systems.

Criminal activity is on the rise, especially in regards to healthcare data. Healthcare data continues to have a high price on the black market.

How do you prevent your practice from falling victim to cybercrime?

Increase your defenses. Make sure your risk assessment is updated frequently.

There is no indication that breaches will decrease in the future, rather experts think they will continue to rise.

Make sure your staff are trained. Test your software –  90% of security incidents are exploits against software defects.

Most importantly, make sure that you are ready for a major attack. Most executives and administrative personnel are not prepared to deal with a breach and are not able to read a cybersecurity report.

We help our clients prepare breach readiness plans and understand their practice’s weaknesses.

In our next blog post, we will keep you informed of related issues.  To get this important information delivered directly to your mail box, 

Do you need help staying current and compliant with the latest laws, rules and regulations?  We can help. To contact us about your new government rules and regulations, your practice’s risk assessment, or about your other legal needs:  CLICK HERE.

P.S. If you or your patients are interested in consumer healthcare issues, check out myhealthspin.com.

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