Could Your Pharmacy Survive a Cyber Attack?
While data breaches at large pharmacies make national news, independent pharmacies are no less susceptible to cyber attacks and their devastating consequences.
Whether through a malware, phishing, or password attack, independent pharmacies are targeted for their patient health, identity, and credit card information. Though you may think that large businesses are affected the most, more than 70 percent of cyber attacks target small businesses. Businesses in the health care industry face are at increased risk; nearly 39 percent of all breaches in 2015 were in the health services industry.
The financial and reputational repercussions from a single data breach can be disastrous. On average, a data breach costs $80,000 per pharmacy location. In fact, 72% of businesses shut down within 24 months of a major data theft.
Associated costs emerge from:
• Notifying customers of breach
• Credit monitoring expenses
• Regulatory fines and penalties
• Business interruptions
• Legal or public relations expenses
EPIC Pharmacies, Inc., a network of independently owned pharmacies, understood the devastation a data breach could wreck on an independent pharmacy. That is why EPIC Pharmacies became one of the first pharmacy organizations to provide cyber liability/data breach insurance as a no-cost member benefit.
Member pharmacies enjoy a robust coverage offering for this ever-increasing threat with no deductible or premium. Contact EPIC Pharmacies to learn how you can protect your independent pharmacy.