Tag Archives: Security

Cyber Security and Debt Collection

20 Nov

Did you know that employees account for 43 percent of data loss, whether intentional or accidental? The remaining data breaches occur because of criminal infiltration. Regardless of the threat, our research shows that data loss and security breaches cost companies an average of $4 million in 2016, during which more than four billion pieces of confidential data were exposed.

Unfortunately, failing to create an effective cyber security system for your data collection efforts could put your customers and your company at risk.

Risks Associated With Cyber Security and Debt Collection

Data is easier to steal than you think.

Debt collection records are particularly sensitive because they contain significant financial information. The sensitivity elevates if you’re in the healthcare industry because your data might include personal health information (PHI).

Since you must report data breaches, your company’s reputation can take a serious hit if your customers’ data becomes compromised. Additionally, you could face serious consequences with regard to your cash flow, accounts receivable management, and stakeholders.

A data breach involving debt collection records could result in a serious fine from a regulatory body. Back in 2012, for instance, an auto dealership and a debt collector had to reach a settlement with the Federal Trade Commission (FTC) over data breaches that took place because of peer-to-peer file sharing.

Unfortunately, data breaches are on the rise. Our research reveals that 2016 saw nearly 40 percent more data breaches than 2015, and 94 of those breaches exposed at least a million confidential records each. Consumers value their privacy. In 2016, more than 15 million American consumers suffered from some sort of identity theft.

Cyber Security Solutions for Debt Collection

Getting best-in-class security for your data can help prevent breaches and other cyber security issues.

Many businesses don’t have the infrastructure necessary to meet HIPAA, NIST, FISMA, and PCI-DSS guidelines. That’s why working with a well-equipped collection agency can become a major asset.

Established collection agencies that secure their data against breaches can help protect your company from lawsuits, fines, reputation hits, and other consequences of a data breach. When you’re looking for a collection agency to handle your accounts receivable, make sure the candidate you choose follows these guidelines:

  • Data protection for data while it’s at rest, in processing, and in transit
  • Secure data center with 100 percent uptime
  • Redundancies in place to preserve data
  • Employees who are experts in specific data security areas, such as HIPAA, depending on your industry

Furthermore, you want to work with a debt collection agency that views security as a priority. As hackers and other criminals find new ways to skim data from victims, debt collectors must keep up with those attempts and find new ways to prevent intrusion.

You also want to make sure that your data is physically safe. Data centers should be equipped to prevent physical intrusion, fire and flood damage, and other catastrophes.

At TSI, our service portfolio is compliant with NIST, FISMA, PCI-DSS, and HIPAA. We employ security specialists with years of experience and expertise in protecting data against loss and corruption. If you’re looking for a debt collection agency to not only promote healthy cash flow and collect outstanding payments but also to preserve your data, we’re here for you. Contact me now to start optimizing your revenue.


Medical and Dental Practices, What Would You Do?

7 Jan
WWYDLogoWhat would you do if your patient data was stolen or a fire or flood destroyed your office?  Suppose one of your employees opened a malicious e-mail and your patient data was encrypted and held for ransom?   I know this sounds absurd, but just Google “data for ransom”.  What would be your first step?  With most medical records being stored digitally, it’s not a matter of if you’ll experience an incident regarding your electronic patient information; it’s a matter of when.
Technology is moving so fast in every industry, but in the medical industry, technology advancements are leading to more and more protected health information (PHI) theft and data breaches.   Patient information is not being properly protected. As you are well aware, protecting your patient’s confidential information is the law. Computers, laptops, e-mail, mobile devices, and thumb drives, all store and send ePHI.  Without the proper controls in place, your patient information can easily fall into the wrong hands, exposing your OMS practice to large governmental fines, and reputational risk.
HIPAA just announced that they will be conducting random audits starting in 2016.  Their pilot audit program revealed that many small to mid – size medical practices are not taking the necessary steps to protect their patient information and are not complying with even the basic HIPAA Security and Privacy Laws.   The HIPAA Security Rule now mandates that every practice take an annual risk assessment. The government also strengthened its ability to enforce the law in medical practices with fines reaching up to $50,000 per violation with a maximum $1.5 million annual penalty.  This is why Cash Flow Strategies is recommending PCIHIPAA, as a dedicated source for protecting your practice.
Cash Flow Strategies has many of our clients participating in their Compliance Program.  They have agreed to provide a complimentary HIPAA Risk Assessment (a $599 value).  You can take the Risk Assessment online and immediately receive your risk score with no further obligation.  I encourage you to take 5 to 10 minutes as soon as possible to complete the Risk Assessment  by clicking here. You’ll receive a 23- page Risk Analysis, and a 30-minute consultation that you can also schedule online.
Just click here to start your Risk Assessment.  It will be a great way to start your practice off on the right track in 2016.
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