Cybersecurity Concerns for Health Insurance
Facing growing risks from cybersecurity threats, the health insurance industry in the United States is beefing up security. This news came to us from Fitch Ratings in their article, “Cyber Theft of Customer Data a Growing Risk for US Health Insurers.”
There are threats due to the increasingly sophisticated techniques used by cybercriminals amid the expansion of remote healthcare delivery and growing digitization of insurance transactions, clinical records and billing. Health insurers and related third parties that fail to inventory and protect sensitive customer information face increased financial, reputational, operational and regulatory risk from cyber attacks.
The pandemic-driven increase in adoption of remote healthcare services has led to improved access to care, which could benefit clinical outcomes and reduce insurance costs in the long term. However, this increased reliance on technology has also heightened exposure to third-party software systems and vendors.
Cybersecurity is a considerable administrative expense, but unavoidable given the growing frequency of attacks.
Melody K. Smith
Sponsored by Access Integrity, delivering advanced technology solutions for full and complete compliant processing of medical transactions to the healthcare industry.