Why Medical Records Hold More Value Than Your Credit Card Number – MaybeMoney

Why Medical Records Hold More Value Than Your Credit Card Number

Why Medical Records Hold More Value Than Your Credit Card Number

In 2014, it came to light that Chinese hackers successfully infiltrated Community Health Systems Inc., pilfering 4.5 million patient records. By early 2015, 80 million accounts of Anthem customers were similarly violated. According to a report by the Ponemon Institute, an alarmingly high 90 percent of healthcare institutions have endured at least one data breach in the past couple of years. It’s clear that this information far surpasses the value of credit cards, making it a profuse gold mine for cunning hackers. This article will explore the hazards of medical identity theft.

FLAGRANT GAPS IN MEDICAL RECORD SECURITY
Image courtesy of tedeytan via Flickr
Many hospitals fall short regarding their security systems, often prioritizing to channel their investments towards new equipment or infrastructural development rather than IT. While digitized records do facilitate seamless patient care across various providers, they simultaneously expose medical files to greater risks. Only a mere 59 percent of healthcare IT professionals employing devices like laptops, tablets, and smartphones for accessing patient data take the precaution of encryption. As of 2009, a paltry 20 percent of healthcare firms were victims of cybercrimes. This figure has since doubled by 2013.

LONGEVITY OF STOLEN RECORDS
Medical identity theft strikes a more perilous chord than other types of thefts, and understanding its threats is paramount. Unlike credit card numbers that are quickly deactivated upon fraudulent activity detection, medical records once stolen can remain undegged for years. Even if identified, remedial options are rather rare given that medical records are irrevocable. Consequently, the stolen information remains perpetually operational. On the black market, a stolen medical record fetches about $10, making it exponentially more valuable than credit card information. It is therefore crucial to ensure your records’ safety, especially when exiting rehabilitation programs, by liaising with your treatment center consultants.

MULTI-PURPOSE MEDICAL RECORDS
Illicit entities can exploit your medical records for varied gains, ranging from buying medical equipment or prescription drugs for resale to fabricating false provider information to lodge bogus insurance claims. The detailed personal information in medical records, surpassing credit card data, can be misused for creating fraudulent identities.

UNSEEMLY OUTCOMES
The potential fallouts of medical record theft extend beyond monetary losses. A malicious entity can misuse your medical files, leaving behind a worrisome trail of wrong information on your record. This circumstance may lead to improper diagnosis or errors in medical treatment — potentially fatal errors, like incorrect blood typing. Additionally, you may face difficulties accessing necessary medications, especially if records indicate a history of prescription abuse by the wrongdoers.

WAYS TO GUARD YOURSELF
Engage with your healthcare provider to understand its data security procedures. Inspect the tools in place for protecting your data and evaluate the management of patient privacy. If the safety measures aren’t satisfactory, contemplate changing your provider. Regularly request updates on your medical records for accuracy and topicality. Scrutinize your bills and insurance documents against services received. If you suspect medical identity theft, promptly alert your healthcare provider, insurance company, and the credit reporting agencies to rectify your details.

Medical identity theft is a grave concern that can affect anyone. Encourage your healthcare institute to implement the best defenses against hackers while you also play an active role in monitoring your records.