The Hidden Cost of Ignoring Cybersecurity

Not investing in cybersecurity might save money now, but when your system is compromised, you risk losing patient data and exposing PHI – potentially forever – on the dark web.

Will you be counting dollars then? Security is a hard expense to justify without a clear ROI, but protecting your organization is essential to safeguard your patients and protect your practice.

What would the cost be if your system were inaccessible for one day? One week? Or months? Cybercriminals attack when you’re the most vulnerable. The longer someone has access to your environment without detection, the more damage they can do.

 

Why Should You Improve Your Security Posture?

5 Reasons to Improve Your Security Measures

Human error – Did you know 90% of breaches are caused by human mistakes? Security measures need to be streamlined and simplified so all staff can easily adopt your new security procedures.

1. Advancements in technology – Not a day goes by without hearing about the latest developments in AI, for better or worse, but the unfortunate fact remains that technology helps hackers become more sophisticated.
2. Healthcare is the #1 targeted industry for hackers – With PHI, hackers can make false medical claims, buy prescriptions, or even receive treatment. This is a real threat and poses a risk to patients with compromised medical data.
3. Ensure regulatory compliance and avoid hefty fines – In January (2024), Refuah Health Center paid a $450,000 penalty for HIPAA violations, after an investigation identified multiple security failures.
4. Protecting your organization’s reputation and trust – A security breach can not only cost you money but can also damage your medical practice’s reputation – which leads to losing patient trust, decreased patient retention, and long-term harm to your credibility.

 

What You Can Do Today

5 Ways to Improve Security Measures

1. Develop a Zero-Trust Network Architecture – Combined with a properly functioning Identity and Access Manager (IAM), Security Information and Event Management (SIEM), Security Orchestration, Automation, and Response (SOAR) for indicators of compromise monitoring will safeguard company security.
2. Adopt Passwordless Authentication – One of the best ways to enhance security is by using passwordless authentication methods such as a FIDO2 key (a small USB device) or Microsoft Windows Hello Authenticator, or both. 74% of large companies are investing heavily in passwordless technology to reduce the risk of unauthorized access.  
3. Implement Multi-Factor Authentication (MFA) – As an extra security measure, MFA ensures that even if user credentials are compromised, you can block unauthorized access.
4. Regularly Update and Patch Systems – Updates and patches help protect your systems against security vulnerabilities or weaknesses. Neglecting these essential processes can expose your system to advanced attacks.
5. Conduct Regular Security Training and Awareness Programs – By educating your employees about best practices and providing training, your staff will be more likely to recognize and respond appropriately to potential security threats.

 

Why Should I Care?

85% of cyberattacks in critical infrastructure sectors could have been prevented with “basic security measures,” such as prompt patching, multi-factor authentication, and implementing the principle of least privilege.

Last year, healthcare organizations reported the most ransomware attacks of the 16 industries identified as critical U.S. infrastructure, according to a new FBI report on internet crime.*

This past June, multiple hospitals in London faced a blood shortage from a ransomware attack. Hospitals were unable to match patients’ blood type, affecting surgical operations and other life-saving measures, all due to a common ransomware attack. This issue could have been avoided with the proper use of a SIEM or Security Information and Event Management application or an XDR application. SIEM provides a bird’s-eye view perspective on an organization’s digital parameters to help detect, analyze, and respond to security threats before they harm business operations. XDR or Extended detection and response, investigates and protects specific resources*.

By adopting these measures, you can significantly enhance your organization’s security and protect against potential cyber threats. If you’re lacking internal resources, your IT department is overwhelmed, or you are understaffed, MTS can supplement your internal teams to enhance your security posture.

 Contact MTS today for a custom security solution to improve your organization’s security posture.

 

*Source: January 2024 Healthcare Data Breach Report

**Source: London hospitals face blood shortage after Synnovis ransomware attack