Findings from an analysis of 2017 cyber claims data revealed that negligence was the most common cause of loss for the healthcare industry and a hacking attack the most common for non-healthcare organizations. However, ransomware was the second most common cause of loss for all industries.
Ransomware is a cyber-related threat with a monetary demand. The threat is typically to divulge or destroy information, to insert malicious code into a computer system, or to damage, destroy or prevent access to a computer system. According to the report, “2018 Cyber Claims Digest,” by NAS Insurance, there was a 152 percent increase in ransomware as a cause of loss in the healthcare industry between 2016 and 2017.
Hacking and cybercrime are in the news daily, and everyone has likely been impacted by it in some way from the numerous high profile breaches of the companies that store our data. The increase of these threats has awakened us to the reality that we need a level of vigilance that offers better protection.