2023 Annual Data Breach Report is in: All-Time Record.

Is Your Company or Employees At Risk?

Employees spend a lot of time online, including surfing, streaming, socializing, shopping, and much more. Most of us don't want to think about it, but the reality is that your account’s private data and reputation can be stolen with just a few simple keystrokes. Rather than leaving security up to chance, you can proactively arm your employees against cybercrimes and reputation hijacking.

The IRTC 2023 Annual Data Breach Report explores a dramatic increase in reported data compromises and the underlying trends behind the growth. 2023 represented an all-time high for data compromises reported in the United States. New record high: 3,205 publicly reported data compromises that impacted an estimated 353,027,892 individuals. That’s a 72 percent (72%) increase in events over the previous high-water mark and 78 percent (78%) over 2022. (Source: Identity Theft Resource Center; IRTC January 2024.)

?Analysis – 2023 vs 2022

The number of data compromises reported in the United States surpassed two significant milestones in 2023: the highest number of data events reported in a single year and exceeding 2,000 (and ultimately 3,000) events in a single year. The total number of data breaches, exposures, leaks, and unspecified events reached 3,205, impacting an estimated 353,027,892 victims, including those affected by multiple compromises.

However, three (3) industries reported more than double the number of compromises compared to 2022: Healthcare, Financial Services and Transportation. Healthcare led all industries in terms of the number of reported compromises in each of the past five (5) years, but Utilities companies led in the estimated number of victims in 2023. (see chart below)

December 2023 Healthcare Data Breach Report

Posted By?Steve Alder?on Jan 18, 2024

There was no letup in healthcare data breaches as the year drew to a close, with December seeing the second-highest number of data breaches of the year. The Department of Health and Human Services (HHS) Office for Civil Rights received 74 reports of healthcare data breaches of 500 or more records in December, which helped make 2023 a record-breaking year for healthcare data breaches.?While there may still be some late additions to the list, as of January 18, 2023, 725 data breaches of 500 or more healthcare records have been reported to OCR in 2023 – The highest number since OCR started publishing records of data breaches on its “Wall of Shame.” To add some perspective, that is more than twice the number of data breaches that were reported in 2017. The OCR breach portal showed 133,068,542 individuals had their protected health information exposed or stolen in 2023.

Source: HIPAA Journal January 18, 2024

Medical Identity theft?continues to be the highest average data breach cost for the?thirtheenth year.?

FACTS:

• The out-of-pocket expense of resolving a medical breach?is?$13,500.
• This form of identity theft could be deadly.
• The average time to fix a medical breach hovering around 329 days.?That's 329 days of distraction for your accounts employees and 329 days of lost production.
• Employees who fall victim could potentially have an adverse effect on your accounts renewal rates.
• 2022 saw more than?51.9 million records exposed or impermissibly disclosed.
• On January 18, 2023, the OCR breach portal showed 133,068,542 individuals had their protected health information exposed or stolen in 2023.Source: HIPAA Journal January 18, 2024.
• Industry experts have warned that healthcare breaches are a matter of "not if, but when."

Understanding "why"?adding LegalShield and IDShield to a voluntary benefits package is straightforward.

Studies have shown that employees who fall victim to identity theft and the legal issues:

• Are absent from work five times more than the average.
• Use their medical benefits four times more than average.
• Use sick leave twice as often than average.
• Experience a substantial reduction in productivity.
• 69% of Americans do not have at $1,000 to cover an emergency or legal issue.
• 43% of employees spend 3 hours or more thinking or dealing with personal problems (legal or identity theft) while at work.

Our plans are simple to implement because we have:

• No minimum participation

• No claim forms.
• No deductibles
• No time-consuming administrative duties for you
• No cancellation forms.
• No long-term contract
• Once a month billing
• Portable benefits
• Member App for easy employee access
• 24/7/365 Emergency Legal Access

For more information and free quote, please contact me at [email protected] or 954-655-2446.

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