Identity verification best practices and solutions significantly reduce the frequency and impact of cyber breaches
ATLANTA, November 2, 2022 /PRNewswire/ — LexisNexis® Risk Solutions, the leading provider of healthcare data analytics and technologies, today released its True Cost of Fraud™ for healthcare payers, which analyzes the impact of cyber fraud on healthcare payers, specifically the cost to their business, and inevitably impacts the overall cost of care. The recent growth in digital health strategies, where data is shared and analyzed more extensively, offers a significant opportunity to improve access, engagement and patient care. At the same time, the spread of digital health also correlates with an increase in cybercrime. This report examines these vulnerabilities and the steps organizations should take to mitigate their risk.
The study analyzed incidents of ransomware, portal hacking, phishing, and cyber breaches that occurred across 41 of the top 100 healthcare payers, examining the nature, impact, and potential solutions to quantify the overall financial impact of cybercrime. Almost half (49%) of respondents said they had experienced a data breach in the past five years, resulting in an average of 12,000 compromised records per incident and an average cost of $5.39 million per incident.
Of those payers who have experienced a data breach in the past five years, nearly all (85%) say cyberattacks and data breaches have had a negative impact on their brand reputation. Of these…
