May 26, 2020
Tower MSA Partners’ SVP of IT Jesse Shade offers advice to workers’ compensation companies on best practices for cybersecurity.
Did you know that personal health information (PHI) is more valuable on the black market than financial data? This makes workers’ comp organizations very attractive targets for cyber criminals.
“Payers and other workers’ compensation organizations need to guard this sensitive data within their own enterprises. And, since these companies regularly exchange data with each other, each company needs to be just as concerned about the cybersecurity practices of its partners as its own,” says Tower’s Senior Vice President of Information Technology, Jesse Shade in this informative WorkCompWire article: Securing Data During COVID-19 and Beyond.
In last week’s article – COVID-19 Response Triggers Cybersecurity Threats to Workers’ Comp – Jesse described the scope of the cybersecurity issue especially in the midst of COVID-19. In this one, he outlines out best practices for cybersecurity in the form practical ways to protect PHI and other data and discusses the tools your IT department needs. He also gives you questions for your managed care organizations, MSP compliance companies and other service providers to ensure that their security practices can withstand attacks.
Cyberattacks have risen astronomically during COVID-19 and will continue long after the pandemic passes. The IBM Cost of a Data Breach Report put the average cost of a data breach in the U.S. at $8.19 million in 2019. In addition to the financial hit, companies risk their reputations and the trust of their clients, customers and partners.
As Jesse says, you can’t afford to ignore cybersecurity.