How much is an attack going to cost you?
For large corporations, ID Experts estimates that the average cost to recover from a data breach is estimated as high as $2.2 million and Ponemon Institute reports that the cost is more likely $4 to $7 million.
Erie County Medical Center spent nearly $10 million recovering from a massive cyber-attack this month— and that was just for this incident. They expect to pay an additional $250,000 to $400,000 a month upgrading technology, hardening systems and training employees.
Attacks on individual practices could easily run into the hundreds of thousands in expenses and productivity losses. Even if everything is restored, some practices may never recover from the bad publicity and the loss of patient trust.
If practices are not careful, cybercrime could be an existential threat.
Is it really this bad?
Cybercrimes are projected to cost the global economy over $6 trillion by 2021. The healthcare industry topped the list of most cyber-attacked industries in 2015, followed by manufacturing, financial services, and government and transportation agencies.
In 2016, “cybercrime cost the global economy over $450 billion, over $2 billion personal records were stolen and in the United States alone over 100 million Americans had their medical records stolen,” Steve Langan, chief executive at Hiscox Insurance, told CNBC.
Even the Department of Homeland Security and the White House are not immune as the recent “spearfishing” email from a UK prankster proved.
“The country is under siege right now,” said Jay L. Rosen, MD, chief executive of Tampa Bay Surgery Center.