Is It Time To Provide Government Subsidies For Healthcare Cybersecurity?

Six months ago, more than 5.1 million healthcare records were breached in a single month. As shocking as that number seems, it wasn’t much more significant than the 12-month average of almost 4 million. Not surprisingly, healthcare organizations have turned to cyber insurance to protect themselves from the enormous cost and liabilities associated with such attacks.

As the number of attacks grows, so do cyber insurance premiums—up 96% in Q2 of 2021 and then increasing 112% in August 2021 alone. Of course, these costs have broad and severe implications for patients and health systems, including patient privacy compromises, ransomware and other forms of IT systems disablement, not to mention the operational impact and financial costs for recovery.

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