2 Million Medical ID Theft Victims in 2014. Is Your Practice Next?

Apr 22, 2015 | Uncategorized

You’ve heard about massive data breaches at Bank of America and Target, but medical identify theft also dominated headlines in 2014, striking more than two million people.

According to Ponemon Institute research, that’s up 22 percent from 2013, and double since the study began five years ago.

The reason for the massive uptick? The surge of electronic health records, lax security measures for patient data, and a lucrative black market where a single record can fetch $500.

A data breach not only costs a practice big bucks – about $360 per stolen record – but it can stain its reputation, too. Businesses in 46 states must notify customers of cyber attacks.

For patients, it’s much more grim. According to the same study, many victims paid more than $13,000 out of pocket to get their identity back.

Protect your practice from cyber liability
Do you use a computer at work? Do you log into EMR on your iPad for off-site patient care? Have you ever used a smartphone for slit lamp photography? You’re at risk.

One way to protect your practice is with cyber liability insurance. It covers expenses related to the breach, ongoing credit monitoring costs, and it takes care of notifying patients. Learn more from the American Optometric Association.