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The seedy underworld of medical data trafficking

7/8/2015

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As more healthcare organizations are discovering to their woe, having direct access to patients' personal health information puts a giant target on their backs for cyber thieves that traffic in stolen medical records. Medical data breaches are increasing in frequency and scope, with millions of Americans now victims of medical identity theft. Who are the criminals behind this digital era crime wave?

IBM research shows that the vast majority of cybercrime is highly organized and generating unprecedented profits, noting that the largest bank heist in history was $30 million compared to the annual $445 billion cost of cybercrime. Solo cybercriminals are also out there, however. Trend Micro observes that these different classes of criminals also dwell in different forums, with petty thieves showing up in more easily accessed sites, and organized cyber thieves residing in closed forums of their own.

A foray into the online black market for stolen data — and other goods — is a surreal experience. With names like "DamageLab" and "Hell," many forums have the same features of legitimate online shopping sites, from "buy now" buttons to, in an ironic twist, rating systems that score a dealer's trustworthiness. The product descriptions, on the other hand, make it quickly apparent that the wares for sale are anything but legit. A recent NPR report described a dealer with exceptionally high marks who had a "value pack" of 10 stolen Medicare numbers for sale. The total pack could be had at a cost of 22 bitcoin (the preferred currency of many cyber criminals), which works out to about $4,700. Read more at Healthcare IT News....

Protect your identity and your medical records with IDShield.

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David Ross is a licensed life & health insurance agent representing
Humana, UnitedHealthcare, Clover Health, New Era/Philadelphia American, Manhattan Life & Assurance, Family Life, Voya Financial, Banner Life, Transamerica, Protective Life, Securian/Minnesota Life, Cincinnati Life, Illinois Mutual, Mutual of Omaha, Ameritas, National General, SureBridge, and other insurance carriers. David Ross is an Independent Associate and Director of LegalShield. LegalShield and IDShield are registered trademarks of LegalShield. TrioMed is a registered trademark of National General. Some icons and photos courtesy of flaticon.com, pixabay.com, and rawpixel.com.
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