Are your claim payments cybersafe?
With cyber attacks at an all-time high, are you doing everything you can to keep your claims payment data safe?
Data breaches and cyber attacks are on the rise. The numbers are staggering, that’s why we created an infographic that tracks some of the key trends about recent cyber attacks and the damage they can cause, including:
- Insurance companies experience around 113 attacks per year.
- Damages resulting from cybercrimes will top $6 trillion annually by 2021.
- The average cost of a data breach that involved one million records costs $40 million to remediate.
What do these facts mean for insurance businesses? For would-be cyber thieves, any company that has access to sensitive financial data like payment information or personal health information (PHI) records represent a highly tempting target. The temptation gets stronger as online payments continue to grow – they have grown at a 6 percent clip over the past five years and are expected to exceed $6 trillion by 2020. Another highly targeted set of data is Personal Healthcare Information (PHI). The fact that PHI records contain large volumes of personal data that can be sold to the highest bidder or used to extract a ransom payment from the hacked organization. Both of these factors contribute to the growing threats that insurance companies may face.
The key to combatting potential security threats is to achieve—and maintain—compliance with the Payment Card Industry Data Security Standard (PCI DSS). Doing so shows customers that a business can be trusted in processing payment information. The issue, however, comes from maintaining compliance. One study found that within a year of becoming PCI compliant, 70 percent of businesses lose their compliance certifications, which is why insurance companies often turn to third-party service providers that maintain the credentials and compliance required to keep their data safe.
VPay reduces fraud and administrative costs by maintaining the necessary accreditations to keep your payment data safe. Our secure solution comes backed by the best-in-class, industry-recognized certifications, including PCI DSS, HIPAA, AICPA SOC I & SOC II, among others.
To learn more about the latest cyber threats to insurance companies and how VPay’s total payment solution can help secure your payment processing, download the infographic, Are Your Claim Payments CYBERSAFE?
Visit www.vpayusa.com or call 855-VPAY-USA to get started.