How Bad Could A Cyber Attack Be For A Business?

A California-based company, Prospect Medical Holdings, faced a harrowing experience when their operations were disrupted due to a cyber ransomware attack. This incident exposed the vulnerability of a medical corporation owning numerous hospitals and operating clinics across states. It serves as a stark reminder of the substantial risks cyber threats pose to the healthcare sector.

Vigilant Monitoring: A Crucial Defense
Prevention begins with constant monitoring, an essential step even for businesses without extensive IT departments. Obtaining monitoring through comprehensive insurance policies can serve as a viable alternative. Immediate action upon any signs or alerts of a potential cyber event is crucial. Often, these attacks brew for extended periods, with hackers infiltrating systems months before launching their assault. Detecting intrusions in their early stages can potentially thwart a full-scale attack.

Swift Response: Partnering for Defense
Upon detecting an attack, partnering with a cyber defense entity promptly can be instrumental. These partners can intervene, attempting to halt the ongoing attack. However, if the situation escalates, having the necessary capital becomes imperative. Cyber attacks can result in damages ranging from $500,000 to a million dollars, inclusive of contractual obligations, government-mandated notifications, credit monitoring, and forensic procedures.

Comprehensive Coverage: Mitigating the Impact
Acknowledging the universality of this threat is crucial. Cyber attacks aren’t exclusive to healthcare; they can afflict any professional service corporation, from builders to general contractors, accountants, or attorneys. Comparing this risk with other potential losses—such as fire, theft, or lawsuits—is essential. Adequate defense coverage ensures that such an event doesn’t become a fatal blow to the company, preventing scenarios where entities are compelled to auction off assets to cover cyber attack losses.

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