Anticipating the wider business impact of a cyber breach in the health care industry
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1 Anticipating the wider business impact of a cyber breach in the health care industry John Gelinne, Director Cyber Risk Services Deloitte & Touche LLP jgelinne@deloitte.com commodore_22 Hector Calzada, Director Financial Advisory Services Deloitte & Touche LLP hcalzada@deloitte.com
2 Agenda Impacts of a cyberattack A method to better anticipate cyberattack impacts Preliminary findings from a health plan scenario Key takeaways / connecting the dots / becoming more resilient
3 Why this topic is important Cyberattacks when. not if. Organizations should operate on the premise that despite the best defenses, cyber incidents will occur. To minimize damage organizations need to be adequately prepared. Being prepared starts with a clear picture of what could happen. Anticipating the financial impact (to include duration) can help leaders determine: How much cyber risk they are willing to accept; How much, and where to invest, in efforts to be secure, vigilant, and resilient.
4 Innovations in the health care industry lead to increased cyber risk Increased sharing: the new normal Population health/ New care models Consumerism New technologies and services with demand for increased integration to external organizations (e.g., accountable care organization, heath information exchange) New models of care delivery and market consolidation means new regulatory rules and new players to assist in privacy compliance and securing access. Inherited cyber risks associated with mergers and acquisition The rise of consumer-supporting technologies further increase security, compliance, and cyber risk, and access issues. (e.g., mobile, direct to consumer applications, direct access to electronic medical records access)
5 Impact of cyberattacks: common assumptions Direct costs commonly associated with data breaches: Patient/member breach notification Post-breach patient/member protection Regulatory compliance costs Public relations costs Attorney fees and litigation Cybersecurity improvements Cost of lost customers or members
6 Impact of cyberattacks: common assumptions Direct costs commonly associated with data breaches: Patient/member breach notification Post-breach patient/member protection Regulatory compliance costs Public relations costs Attorney fees and litigation Cybersecurity improvements Cost of lost customers or members Challenges: With typical data breaches, there is a tendency to underestimate: how long it takes to recover; the breadth of the impact. It can also be difficult to anticipate intangible costs, such as brand or reputation damage.
7 An attack can be more than the loss of PHI/PII What if intellectual property or strategic information are stolen? What if critical services or processes are disrupted? What if third-party party vendors are compromised?
8 A narrow lens on cyberattacks can leave you unprepared for the broader potential costs Above the surface: Patient/member breach notification Post-breach patient/member protection Regulatory compliance costs Public relations costs Attorney fees and litigation Cybersecurity improvements Cost of lost customers Below the surface: Impact to current contracts Devaluation of trade name Loss of intellectual property (IP) Impact of operational disruption and/or destruction Insurance premium increases Increased cost to raise debt
9 Magnitude ofcosts and unprepared for the duration of recovery efforts Costs are incurred and impacts are felt over years, in several phases Incident triage Analyze and take immediate steps to stop compromises in progress Impact management Minimize and address the direct consequences of the incident Business recovery Repair damage to the business and prevent occurrence of future incidents Impact over time
10 Anticipating and quantifying cyberattack impact Model a likely cyberattack scenario What could happen? Identify how the organization could be impacted How could it affect us? Mitigate potential impacts through riskfocused investment How can we prepare?
11 Estimating financial impact of the attack Deriving cost and duration data Leveraged experience helping companies recover from major cyberattacks Developed fictitious profiles and scenarios based on industry knowledge Used publicly available information on similar companies as benchmark data to derive factors used in direct cost and valuation equations Calculating direct costs Relatively simple to approximate based on publicly available information Leveraged existing studies Customer protection programs Legal costs PR costs Customer notification Regulatory fines
12 Estimating financial impact of the attack Calculating intangible impacts Applying professional judgement, accepted financial modeling methods Reasonable assumptions in the absence of detailed, actual data Financial impact is associated with a specific point in time Lost contracts Devaluation of trade name Loss of IP Lost value of customer relationships Increased cost to raise debt
13 Illustrating the impact of a cyber attack (Health Plan CompanyX ) $60B Revenue (annually) 23.5 million customers 60% through employer contracts 50,000 employees Seek to raise $1B to acquire a health system in the future Open enrollment November January IR Response rated 2.0 on CMMI scale
14 CompanyX - cyber attack scenario Cyber criminals steal a laptop from CompanyX s health care analytics software vendor 1 Days later, CompanyX is notified by a client that PHI of some of its employees is on the dark web. CompanyX confirms 2.8 PHI records exposed 3 Increases in patient record downloads are detected and CompanyX is unable to confirm that the increased usage was authorized 5 The system is kept offline while the incident is investigated, user accounts re-issued and new application and system controls put in place 7 While offline, physicians must rely on less effective alternatives for key medical alerts 2 Hackers access companies integrated health care application and reverseengineer the software, creating a large number of false user IDs 4CompanyX notes an increase in account registrations and usage of its integrated health care application used by physicians 6 Concerns related to the lost laptop and increased downloads, CompanyX shuts down physician access to the integrated health care application Along with unknown financial considerations associated with their choices of care
15 Findings (CompanyX)
16 Key takeaways 1 Costs associated with typical data breaches may only be the tip of the iceberg 2 Modeling a cyberattack provides a more accurate picture of the true cost of the incident 3 Triage is costly, but the long term impacts can be costlier 4 Incident response is not primarily a technical effort 5 A balanced, guided investment strategy in cyber security before a breach occurs can mitigate longer term impacts
17 Connecting the dots Cybersecurity programs tend to focus on the threats, vulnerabilities and probability. But often times, not enough attention is paid to the true damages a particular type of cyberattack can cause. By looking realistically at potential costs, business leaders can right-size investments to better protect their most valuable assets. How likely is that type of attack? What are the threats? What is the business impact? Where are our vulnerabilities?
18 Becoming more resilient 1 Involve the right team both technical and business leaders 2 Focus on top business risk areas and assets 4 3 Right-size spend to help reduce the frequency of cyber incidents and their impact Adjust your program to be secure, vigilant, and resilient 5 Continually improve adopt a regimen of sustained resilience
19 Contact info John Gelinne Director Deloitte Advisory Deloitte & Touche LLP Cyber Risk Services commodore_22 Hector Calzada Director Deloitte Advisory Deloitte & Touche LLP +1 (404) Anticipating the wider business impact of a cyber breach in the Health Care Industry Copyright 2016 Deloitte Development LLC. All rights reserved.
20 This presentation contains general information only and Deloitte is not, by means of this presentation, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services. This presentation is not a substitute for such professional advice or services, nor should it be used as a basis for any decision or action that may affect your business. Before making any decision or taking any action that may affect your business, you should consult a qualified professional advisor. In addition, this presentation contains the results of a survey conducted by Deloitte. The information obtained during the survey was taken as is and was not validated or confirmed by Deloitte. Deloitte shall not be responsible for any loss sustained by any person who relies on this presentation. As used in this document, Deloitte Advisory means Deloitte & Touche LLP, which provides audit and enterprise risk services; Deloitte Financial Advisory Services LLP, which provides forensic, dispute, and other consulting services; and its affiliate, Deloitte Transactions and Business Analytics LLP, which provides a wide range of advisory and analytics services. Deloitte Transactions and Business Analytics LLP is not a certified public accounting firm. These entities are separate subsidiaries of Deloitte LLP. Please see for a detailed description of the legal structure of Deloitte LLP and its subsidiaries. Certain services may not be available to attest clients under the rules and regulations of public accounting
21 About Deloitte Deloitte refers to one or more of Deloitte Touche Tohmatsu, Limited privateuka company limited guaranteeby networkits,( DTTL ) memberof relatedtheirand, firms entities. DTTL and each of its member firms are legally separate independentand. entities referredalso )DTTL Deloitte asto ( Global does providenot services Please. clientsto see for a detailed description of DTTL and its member firms. Please see for a detailed description of the legal structure of Deloitte LLP and its subsidiaries. Certain services may not be available to attest clients under the rules and regulations of public accounting. Copyright 2016 Deloitte Development LLC. All rights reserved. 36 USC Member of Deloitte Touche Tohmatsu Limited
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