Industry Thoughts

Threats To The Healthcare Industry Continue To Grow​

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In 2023, 244 bad actors targeted U.S. industries, and 114 of them targeted the healthcare industry. On the dark web, bad actors may sell a driver’s license for $20 or a credit card for $110. However, they will earn far more for medical records, which may be auctioned off online for $250 to $1,000. It is no wonder that, for the past 13 years, the healthcare industry has had the highest average cost of breach, which has doubled in three years to $10.9 million per breach. 

 

Phishing/Social Engineering and Ransomware are the top two cybersecurity threats to health care. Seventy-five percent of all breaches are from hacking and represent 83% of all breached records. A cyber-attack exposes providers to extortion and fraud payments, loss of business, lawsuits, loss of reputation, and government enforcement fines and penalties.

 

More critical than the cost to providers is the impact that cyber-attacks have on patient safety. The disruption to services and obstacles accessing medical histories caused by cyber-attacks increases the length of stay. The compromised security can result in poor outcomes due to delayed care, which can increase complications and mortality.

 

For those who own a healthcare practice or are part of a small to medium-sized healthcare organization, cyber-attacks may seem to only affect large hospitals and healthcare organizations. However, the reality is that cyber-attacks can adversely affect healthcare practices of every size and specialization.

 

So, what can be done? In 2017, the U.S. Department of Health and Human Services established the 405(d) Task Group. This group aims to develop cybersecurity resources, products, and tools and provide organizations with recommendations and best practices to combat cybersecurity threats that can impact patient safety. The task group’s website provides information and posters about cybersecurity threats and mitigation practices, as well as educational videos to train your staff. The 405(d) Task Group’s cornerstone publication, Health Industry Cybersecurity Practices, is available online at https://405d.hhs.gov/cornerstone/hicp. This publication provides step-by-step instructional information about the top five cybersecurity threats and 10 best practices for mitigation. 

 

Now is the time to assess your cybersecurity program and mitigate the threats. Here at Genuine Health Group, maintaining and safely exchanging patients’ protected health information with our providers is our first priority. We are constantly assessing our security systems and training our personnel to ensure we are meeting federal and state standards.