Cyber Impact on Healthcare

The healthcare industry frequently faces issues with data breaches and other major cybersecurity problems. And as the industry becomes more reliant on technology to store information or share data, it’s increasingly becoming the target of cybercrimes and major financial losses. This is likely due to cybercriminals knowing the value of medical data, and with the medical field completely upended due to the COVID-19 outbreak, medical information has never been more valuable.

Cyber in Healthcare

Attacks from malicious hackers are not only growing, but they’re also evolving and adapting to cybersecurity protection purchased by healthcare organizations. But what specifically are these organizations up against for the rest of 2020, regardless of the uncertain direction of the coronavirus issue?

Ransomware

In the third quarter of 2019, the average ransomware payout increased to $41,000. These attacks prevent authorized users from accessing their files and network systems unless they pay a ransom that is demanded. Even then, cybercriminals may not make good on their promise to end their attack after being paid.

Ransomware attacks are hitting healthcare organizations hard and are expected to grow throughout the rest of the year. Healthcare representatives can’t assume their facilities are safe from attacks or that they are prepared to face the financial and legal fallout from losing personal information of those they serve. Having this awareness combined with better IT security and healthcare cyber liability insurance can better position healthcare companies and facilities from ransomware attacks. The healthcare sector should be sure to take these proactive measures against ransomware to limit financial losses and keep patient information as secure as possible.

Securing Connected Medical Devices

Internet of Things (IoT) technology has developed devices for the healthcare organization that help streamline a patient’s time in the hospital and provide healthcare workers the information they need. The medical industry in particular is expecting a 28-percent annual growth for healthcare IoT devices through 2024. Discussions about implementing more of these devices into everyday practice in the industry are growing and leaders are preparing for new ways to serve patients.

But while IoT devices are exciting to discuss, especially as they relate to streamlining daily operations, they are major targets for criminals and present further healthcare cyber liability problems. Massive takedowns of internet-enabled medical devices need to be prepared for, especially with the rise of 5G and interoperability across health systems.

Securing Electronic Health Records

Electronic health record systems have improved information sharing between facilities and healthcare providers. The medical industry has certain privacy laws outlining how to handle patient records, and major providers of these solutions clarify how they help companies and professionals abide by the rules.

This year, companies associated with these products must recognize that they play a major role in keeping information safe. Hospitals’ dependency on digitized workflows are increasing to the extent that losing access can bring a hospital’s operations to a complete stop.

About Highland Risk

At Highland Risk, we use our expertise and experience to provide insurance information and programs to those who serve long-term care and senior living facilities. Since 2007, we’ve been offering insurance and risk management plans designed to help our agents give their clients the ability to achieve continued growth while simultaneously protecting against loss, containing costs and increasing profitability. With three offices to serve you in Chicago, Illinois; Phoenix, Arizona; and Burlington, Connecticut, we do everything we can to make your experience with us as professional and transparent as possible. To learn more, contact us at (877) 890-9301.