Running a medical or dental practice today days is harder and riskier than ever before. Not only do today’s healthcare providers face you face the changing pressure of government programs and restrictions, but patients have become more litigious as well. To top it all off, the healthcare industry faces a mounting number of liability threats, including the threat of a cyber-security breach, attack or sensitive data leak. In fact, cyber-attacks on the healthcare industry are far more common than most people think.
Last August reports began to surface about the cyber-security breach suffered by Community Health Systems, drawing attention to the mounting concerns over cyber security. It became evident that financial records, credit card data and banking passwords are not the only information cyber criminals are seeking. The healthcare industry faces a number of exposures to liability and losses as a result of a cyber-attack. From patient record and information to medical credentials, insurances and billing data, healthcare operation collect and maintain countless bits of valuable information making them prime targets for a cyber-attack.
Experts estimate that just under half of all identity theft cases are caused by medical records mining or theft. Based on the type of information gathered by healthcare providers (personal details, financial information, health history and more) medical identity theft is frequently more lucrative than most types of financial identity theft. Experts suggest that stolen medical records and credentials are 10 to 20 times more lucrative on the black market than credit card number information.
Stolen medical records not only affect patients, but also medical practitioners as well. For health care organizations the costs of addressing a breach range from crisis management expenses to potential legal action brought by patients or other industry members. As such, it is essential to properly protect your operation from the financial implications of liability claims.
At Capital Insurance, we work with physicians and healthcare practitioners throughout Michigan to help them protect themselves and their practice against the countless risk exposures they face today. Our Michigan Physician Insurance specialists are thoroughly experienced in finding protection plans that fit your individual practice. To learn more about our operation and Michigan Physician Insurance, give us a call today at (888)296-0418.