JULY 2023

MARKET REPORT

The Cybersecurity Edition

The cost and administrative toll of cyber threats and data breaches continues to hit health systems hard. To combat this threat, hospitals across the country have begun to address their IT infrastructure to ensure that their data and digital environment remains safe. But what are the strategies that are rising to the top?  

Read more about this trending topic from our curated list of stories below:  

Overcoming the Chronic Condition of Cybersecurity In Healthcare

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Forbes, June 5, 2023

Outside contractors and business associates are increasingly targeted and responsible for allowing up to 15% of all ransomware attacks. It is critical to ensure vendors have a solid virus protection plan in place and follow HIPAA guidelines for compliance and security of PHI.  

NPR, June 23, 2023

They noted a big increase in emergency room arrivals – over 600 additional people. Plus, there were more than double the amount of strokes… When it comes to impact, it’s unfortunately one example of many. Cyberattacks against hospitals have even been linked to a handful of deaths. 

Cybersecurity News, June 29, 2023

More than 60 percent of respondents identified cybersecurity as a technology initiative that has become “significantly more important” to their organization’s future over the past two years. What’s more, 39 million individuals have been implicated in healthcare data breaches reported to HHS in the first six months of 2023 alone. 

Modern Healthcare, July 14, 2023

The healthcare industry had the highest average cost per breach for the 12th consecutive year. The cost of a data breach in healthcare averages out to $10.10 million per incident… in healthcare, the cost has gone up 42% since 2020. Sigler said AI is making it harder for employees to identify phishing scams or malicious emails. 

Fierce Healthcare, July 17, 2023

It took less than a week for hospital chain HCA Healthcare to go from a multimillion-patient data breach to a slew of class-action lawsuits alleging negligence and seeking relief. The plaintiffs wrote that they and other impacted patients “now face a lifetime risk of identity theft due to the nature of the information lost, and a diminishment in the value of their private data.” 

Becker’s Healthcare, July 17, 2023

A new report found that generative artificial intelligence and large language models topped the list of emerging and prominent threats to the healthcare industry.  

Fierce Healthcare, July 21, 2023

Federal regulators are warning hospital systems and telehealth providers about the data privacy risks of using third-party tracking technologies. These services, like Meta Pixel or Google Analytics, could violate the Health Insurance Portability and Accountability Act (HIPAA) or Federal Trade Commission (FTC) data security rules, officials said. 

Chief Healthcare Executive, July 24, 2023

“As a consultant, I get the question every single time: Should we bring in law enforcement? And it turns out that those who do bring in law enforcement will save about 33 days in the containment of the breach, and also save almost half a million dollars.” At the same time, more than one third of ransomware victims studied (37%) do not contact authorities. 

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