Healthcare trends: Record-breaking threats spark demand for cybersecure TPAs

Imagine someone trying to steal your password 200 times every single day. It’s only a matter of time before they crack it and get your personal information.

Sadly, this scenario is all too real in the healthcare industry.

A recent report from Check Point Research shows that 2022 was the most devastating year yet for cyberattacks on the U.S. healthcare system. According to the latest data, global cyberattacks increased by 38% worldwide, with the healthcare sector among the three most impacted industries.

In fact, U.S. healthcare organizations fared the worst. The average American healthcare company suffered more than 1,400 weekly cyberattacks in 2022 (about 200 per day)—86% more than the previous year.

86%! That’s a startling leap in the wrong direction, but it’s not too late to fix it. Let’s take a closer look at current healthcare cybersecurity trends and what you can do to protect member data.

Is attack severity on the rise?

Check Point’s report tells us that hackers are targeting healthcare more frequently than ever before. What’s even more alarming is that not only are attacks happening at a faster rate, they’re also becoming more damaging over time.

It’s true: Two of the worst healthcare data breaches in U.S. history happened over the past 12 months. An April 2022 attack on OneTouchPoint, Inc. later became the most devastating of the year and the ninth most harmful of all time. Network Assured research revealed that compromised credentials led to more than 4.1 million records falling into the wrong hands.

Later, in October 2022, Advocate Aurora Health suffered a similar fate. This time, the data of more than 3 million patients was exposed, clocking in as the 10th most prolific healthcare breach in U.S. history.

What’s causing healthcare data breaches?

If you want to keep sensitive information under wraps, you need to know where your weaknesses lie. Network Assured identified three of the most common culprits:

  • Phishing: A phishing scam occurs when a malicious cybercriminal attempts to fool someone into sharing personal information, such as their username and password, by impersonating a trustworthy source.
  • Ransomware: When hackers block access to your data and threaten to expose it if you don’t pay a hefty sum, it’s called ransomware. It’s one of the most devastating techniques known today and growing increasingly sophisticated. The Department of Health and Human Services recently issued a warning that Russian-linked ransomware groups are setting their sights on the U.S. healthcare sector.
  • Third-party risk: Vendors and partners access your data, and if they have weak defenses, your company could be in danger. Both the worst attack of 2022 and the second most significant of all time were caused by third-party vulnerabilities.

MagnaCare: A TPA you can trust

Malware, ransomware, phishing—the list goes on. These cybersecurity trends underscore the need to safeguard sensitive information not only for compliance but also to protect the privacy and security of your members.

Fortunately, MagnaCare has it covered. We offer more than a way to expand your network where you need it most. We can also ensure that your members’ data is in good hands. We follow industry best practices and proactively manage cyber risk with a variety of tried and tested strategies, including:

  • 24/7 real-time monitoring and incident response
  • Regular vulnerability and penetration testing
  • Mandatory security awareness training
  • Data loss prevention tools and data encryption
  • A comprehensive risk management framework
  • Business continuity and disaster recovery planning

Bottom line: You take your members’ data seriously, and so do we. Together we can build a nationwide network customized to your needs with the confidence that sensitive information is always under lock and key.

Learn more about accessing the MagnaCare network today.

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