Speaker 1: Cybercrime costs the U.S. economy billions of dollars each year, but one business segment is attacked more than any other, healthcare. A full 51% of all breaches occur in healthcare entities. The healthcare industry is targeted for two main reasons. One, healthcare organizations fail to upgrade their cybersecurity as quickly as other businesses. And two, criminals find personal patient information particularly valuable to exploit. Cybercriminals are paid $20 for health insurance credentials compared to only $1 to $2 for credit card numbers. 94% of healthcare organizations have had at least one data breach in the last two years, and the average cost of dealing with those breaches was $2.4 million. Your patient's HIPAA-protected healthcare data is at risk. It could be stolen, lost, or accidentally transmitted by you or your staff. Your network is also vulnerable to high-tech black market attacks. The following real-life incidents illustrate just how daunting the risks have become. In the first incident, an employee of a county health center had his laptop and mobile phone stolen from his car. The devices were not password protected, and both devices contain personal health information of the center's patients, including names, phone numbers, addresses, and type of disability. The total costs for this HIPAA violation are expected to exceed $150,000. The second case involved a plastic surgeon who posted before and after photos of several patients on her website. However, the code for the website was written incorrectly, and the photos that were posted accidentally exposed the patient's personal information. Legal settlements per patient have exceeded $150,000. Fifteen claims have been filed and 15 additional claims are expected with a total cost of over $4.5 million. Will you have a data breach or get hacked? Yes. It is not a question of if, but when. What can you do to mitigate your risk and exposure to cyber attacks and data breaches? Here are eight steps every medical practice should take. One, develop a data recovery and or disaster plan. Two, create, document, and use enforceable cyber and data breach procedures. Three, train your staff on your procedures. Four, encrypt all computers and devices with passwords that are composed of numbers, letters, and symbols. Five, protect your facilities by securing building access, shredding documents and installing firewalls. Six, have separate office and guest wifi networks in your office and or practice. Seven, install endpoint security software, including antivirus, anti-spyware, and anti-malware. Eight, buy insurance coverage to mitigate your risk. Mediguard Plus is an exclusive insurance solution offered by the doctor's company. Mediguard Plus coverage provides enhanced regulatory and cyber liability coverage for medical practices. Coverage includes $1 million limits for patient notification and credit monitoring costs, network security, and privacy insurance, network asset protection, cyber extortion, cyber terrorism, multimedia liability, privacy regulatory defense, and fines and penalties. To ensure that you and your practice are well protected, we encourage you to review your insurance portfolio regularly. Contact your agent or the doctor's company to mitigate your exposure today.