You are about to leave Risk Strategies website and view the content of an external website.
You are leaving risk-strategies.com
By accessing this link, you will be leaving Risk Strategies website and entering a website hosted by another party. Please be advised that you will no longer be subject to, or under the protection of, the privacy and security policies of Risk Strategies website. We encourage you to read and evaluate the privacy and security policies of the site you are entering, which may be different than those of Risk Strategies.
Social engineering scams have become more common and more costly—especially for health care organizations. These scams can result in significant financial and reputational loss, especially when an attack leads to a data breach. Digital transformation initiatives, mergers and acquisitions (M&A), and the increasing prevalence of these scams all make organizations vulnerable. However, the greatest threat organizations face comes from their lack of awareness and understanding about how these scams work. It is becoming increasingly crucial to be vigilant and aware of the threats posed by social engineering scams.
Bad actors use various social engineering techniques to attack vulnerable parties. The following are the most common:
The health care industry is targeted mostly due to its combination of diverse points of vulnerability. The following are areas that open health care organizations to social engineering attacks:
Social engineering scams can always be attributed to human error. Unlike ransomware or DDoS attacks, which can happen without the consent or knowledge of the victim, social engineering scams rely on the victim’s compliance with the scammer’s request. Insurers are apprehensive to write for social engineering attacks with a high level of confidence as these scams hinge on human error.
Historically, coverage for social engineering attacks has been included in both cyber and crime insurance policies. As these scams rely more on human vulnerabilities than IT system weaknesses, they might more adequately fit in crime policies.
To make sure your organization is protected, it is important to begin the renewal process early and stay up to date on changes in cyber security coverage. Equally, mitigating social engineering risks from the root by providing all staff with mandatory social engineering awareness training ensures a crucial safety net.
Want to learn more?