Healthcare Data Breaches Likely to Cost A Whopping US$4 Billion by End of This Year, 2020n Like to be Hit Worse
According to recent studies, healthcare providers continue to be the most targeted organizations in the industry, facing high incidence of cyber attacks.
With each passing day, care givers are finding it increasingly difficult to stay ahead of cyber attacks and data breaches. Ensuring cyber security is becoming more challenging and the bad news is it is starting to take a toll on the financial health of the industry. According to reports data breaches are likely to cost the healthcare sector a whopping US$ 4 billion by the end of 2019. And 2020 is likely to be even worse.
Above ninety-five percent of IT professionals in a new survey have agreed that data attackers are swiftly outpacing medical enterprises, making providers vulnerable by the day.
Therefore, by far in 2019, healthcare providers have emerged as the most targeted organizations in the industry witnessing cyber threats and security breaches. A key point to note here is that successful attacks on health insurers and plans, which were protected with more sophisticated security solutions, had changed a little this year. However, maximum provider breaches were a result of external hacking, as told by respondents.
As a result of this onslaught, an increasing number of healthcare organizations have witnessed data breaches. Furthermore, the dramatic rise in attacks both by nation-state backed hackers and criminals have made providers more conspicuous. Healthcare enterprises have therefore become more vulnerable to exploitation.
Exacerbating the present situation is the budget restriction, which has in turn encumbered the replacement of legacy devices and software, yet again rendering organizations more susceptible to cyber attacks. Studies reveal that IT security budgets have remained unchanged since 2016. While the situation has started to roll towards change, the pace has to increase sooner than later to offer security against unforeseen cyber attacks in the industry.
Gaurang Taylor has held a wide variety of positions at recognized hedge funds and financial services corporations in the United States and abroad. Following his M.A. in Economics graduation from University Of Michigan College in 1992, Gaurang gained his experience in the finance industry with a role as Credit Analyst for Manufacturers Chevron Corporation. More than a year later, Gaurang accepted an opportunity to enter the Information Technology Training Program at Morgan Stanley, after which he became a Financial Analyst for the firm.
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