Healthcare Sees Massive Increase in Cyber Losses, Says 2020 Claims Report.

According to the recently released 2020 Cyber Digest: Analysis of 2019 Cyber Claims Data from our trusted cyber liability insurance provider, Tokio Marine HCC, healthcare providers have seen a massive, 254% increase in in cybercrime claims from 2018 to 2019. This increase stems from a variety of cyber crimes, ranging from ransomware and hacking to phishing and financial fraud. 


An analysis of the cyber claims data shows that phishing attacks initiate both ransomware and financial fraud incidents by allowing criminals to gain access to the personal information of small businesses. Healthcare policyholders have seen 6 times more phishing attacks in the last year.


So what causes lead to the most cyber incidents among healthcare providers in 2019? For the second year in a row, the top cause was employee negligence. This highlights the importance of employee anti-phishing and cyber security training to help mitigate risk.


There are a number of steps practices can take to protect their businesses from the increasingly sophisticated cyber attacks that threaten their livelihoods:

  1. Enforce Two-Factor Authentication For Secure Application Access
  2. Implement Online Data Backups
  3. Deploy Spam Filtering & Email Configuration
  4. Install Next Generation Anti-Virus: Behavior-based Protection
  5. Conduct Employee Anti-phishing training

These steps should help to mitigate the risks of a cyber attack, but they are not foolproof. The final, important step in protecting your practice is making sure you have an effective cyber liability insurance policy in place. When you purchase coverage through FDA Services and our partner provider, you get $500,000 in cyber crime and phishing coverage. GIve your FDA Service agents a call or text us at 850.681.2996 to learn more about this essential coverage.

Source: 2020 Cyber Digest ANALYSIS OF 2019 CYBER CLAIMS DATA, Tokio Marine HCC

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