October is Cybersecurity Awareness Month. Emerald Coast Medical Association offers Cyber Liability Insurance to our dedicated members. We are using the month of October to make our members aware of cybersecurity and the aftermath of cybersecurity attacks.
Medical device cybersecurity is a major concern for health IT executives. Vulnerabilities within devices can often be linked to the manufacturer. A recent survey showed that each provider organization has around 1,000 connected medical devices. Of these 1,000 devices, one-third are deemed unpatchable. Devices that are not secured put patients at risk of great harm if those devices are hacked. Because it is becoming more common for devices to be connected, it is much easier for a hacker to access patients information and the risk for it continues to grow.
There has been confusion surrounding FDA policies. Recent respondents have said that medical device manufacturers use FDA policies as an excuse to not patch equipment. They use the myth that security updates require 510(k) clearance, which is simply not true. The FDA has said that they plan to take measures to help prevent cybersecurity attacks.
If a hacker accesses a patient's information, it can lead to HIPAA violations, lawsuits, and, in some cases, having to pay a ransom to gain access back. In just the last two years, the average cost of dealing with a data breach was $2.4 million. In addition to that, the healthcare industry alone suffers 51 percent of all data breaches. These statistics are alarming as protecting patients information is so important. We created cyber insurance as a result of the expansion of liabilities against companies for violation of private information, and protection for digital assets.
You may have preventative measures such as firewalls, virus protection, or procedures to protect passwords, but these measures are not guaranteed to stop hackers. Many hackers use technology that is undetectable, making it difficult to keep up with trying to stop them. Our Cyber Liability Insurance keeps you protected.
If you would like to know more about our Cyber Liability Insurance, click below.