Why Healthcare Data is so Valuable on the Black Market

Businesses in all verticals are increasingly becoming victims of cyberattacks. Whether you’re a global corporation or a small, mom-and-pop operation, companies of all sizes have fallen victim to ransomware in some form.

Cybercrime continues to climb annually at an exponential rate. The New York Times recently reported that ransomware increased by 41% in the last year alone. The negative ramifications of data breaches often result in unbearable financial losses and tarnished reputations among consumers.

Healthcare organizations are becoming particularly vulnerable to data breaches, as evidenced by the 41.4M patient records hacked in the year 2019 alone. Safeguarding critical patient information should remain a key focus of healthcare organizations. As cybercriminals continue to target healthcare records, companies must take additional precautions to help protect sensitive patient information.

Why is Healthcare Data so Valuable?

Healthcare organizations are a top target for cybercriminals due to the lucrative nature of health care records. Sensitive information from medical data systems can result in large paydays for criminals that sell it on the black market. As a result, they’re willing to go to great lengths to outwit internal security measures.

Surprisingly, the value of healthcare data can be significantly higher than various types of financial records. According to Experian, a single patient record can sell for upwards of $1000 on the black market, depending on how complete the record is; this is nearly fifty times higher than standard credit card records.

Criminals consider healthcare data to be a treasure trove of sensitive information due to the personally identifiable information it contains. Data of this magnitude can cause immense fraudulent damage, completely destroying and tarnishing an individual’s personal and financial reputation. Information may be used against victims for extortion purposes or identity theft. Either way, cybercriminals can use this information for a massive financial payoff.

Why Healthcare Organizations are Vulnerable to Attacks?

Healthcare organizations continue to be targeted by cybercriminals at an alarming rate. Aside from the monetary value that health records hold, there’s a number of other reasons why healthcare organizations often become victims of an attack.

Many hospitals and healthcare organizations utilize a multitude of various legacy software and proprietary data systems. A lack of interconnectivity amongst all devices in conjunction with outdated IT security leaves organizations highly susceptible to cyber-attacks and data breaches. As physician practices continue increasingly rely on telemedicine and virtual offices, the need for enhanced security measures is now more profound than ever.

The majority of healthcare professionals lack adequate cyber risk training necessary to protect critical user information. Smaller healthcare organizations simply do not have the resources necessary to prioritize IT and cybersecurity.

Cybercriminals often seek out various types of sensitive patient information, personally identifying information, and financial records the organization holds. Failure to adequately protect sensitive documentation may result in substantial financial losses. Recovering from a healthcare breach can be devastating for organizations, as remediation costs are nearly three times higher than other industries. Smaller companies should protect themselves from potential data breaches by partnering with a trustworthy, reputable third-party organization.

How TBC Can Help Protect Against Cyberattacks

Healthcare organizations will continue to be targeted by cybercriminals due to the lucrative nature of stolen health records sold on the black market. Failure to uphold stringent cybersecurity standards can leave organizations of all sizes helpless and vulnerable to cyber attacks. Healthcare leaders must proactively safeguard vital patient information. That’s where TBC can help companies manage security systems.

TBConsulting works with companies to develop strategic initiatives designed to monitor and prevent the occurrence of cyber attacks. Our fully managed solutions proactively monitor and analyze digital environments on a 24/7 basis. We help organizations create strategies that prevent data theft and continually monitor surveillance security mechanisms.

We help our clients protect sensitive information by providing 24/7 ongoing security support. Using enhanced preventative strategies—TBConsulting helps to prevent malicious ransomware attacks.

To determine if your organization may be at risk of getting hit by a cyber attack, feel free to use our Cybersecurity Diagnostic Report. As healthcare data continues to be targeted, be sure to take extra precautions to help protect your business. Don’t let your organization become another statistic of cyber attacks.