Companies are encouraged to migrate to cloud-based systems while strengthening information governance and cybersecurity. This will reduce business disruption and regulatory risk in case of cyber incidents. Investing in quality security measures up front can lead to reduced costs of potential data breaches in the long run. Implementing protective policies for data retention, organization, and encryption can prove beneficial post-data breaches and for successful cyber insurance coverage.
Rampant ransomware attacks have hit the healthcare industry, with incidents increasing by more than 600%, costing an average of $10 million per breach. This has