A recent study found that the total average cost of a healthcare breach is $10.10 million.
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Can your healthcare practice afford a breach? Most healthcare entities cannot.
Since 2020, healthcare breach costs have risen by 42%.
As we know healthcare breaches are incessant, it is important to understand trends.
The trends that have emerged over the past few years are:
Repeat attacks. Many healthcare entities have seen repeat attacks. Organizations with automated security systems were able to shorten the breach lifecycle and mitigate the damage caused by the breach.
Consistent causes. The most common cause of data breaches were stolen credentials. Ransomware also continues to plague healthcare entities, with ransomware increasing by 41% in the last year.
Consistent place. The most common place for data breaches to occur is in the cloud.
While data breaches can be threatening, there are also good trends that have emerged over the past few years. These include:
Automated security shortens breach lifecycles. When possible, make sure that your updates are automated and all security patches are up to date. Having sufficient security measures in place is your first line of defense for a cyber attack or breach.
Shorter breach lifecycles mean lower costs. The quicker your practice is being able to audit the damage and get up and running after a breach, the less money the breach will cost.
Having appropriate policies and procedures with well-trained employees leads to shorter lifecycles. When your staff knows how to handle a breach, they can act quickly and mitigate the damage caused by the breach. This is essential when trying to get your practice back online and keep your patients’ protected health information unaffected.
So how can you protect your practice?
Work with your healthcare attorney to ensure that your HIPAA risk assessment is up to date and your security measures are sufficient.
Test your breach readiness plan often.
Make sure your policies and procedures clearly detail how to proceed in the event of a breach.
Train your employees. We help our clients train their employees to know what to look for and what steps to take to respond to a breach right away.
If you have questions or need help with your healthcare breach readiness and response or HIPAA risk assessment, contact Rickard & Associates today.
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Fox News anchor Howard Kurtz said Sunday it had been a “very rough week” for the conservative network in its defense against Dominion Voting Systems’ $1.6 billion defamation lawsuit, which is scheduled to go to trial on Tuesday.
“I can assure you that I will provide fair and down the middle coverage of this $1.6 billion suit about coverage of false election fraud claims in 2020, despite the fact that I work here,” Kurtz told “MediaBuzz” viewers. “And with that, it’s been a very rough week for Fox.”
Kurtz explained to viewers that the judge overseeing the case, Delaware Superior Court Judge Eric Davis, had sanctioned Fox News last week and launched an investigation into potential legal misconduct. The dispute revolves around Rupert Murdoch’s role at Fox News and its parent corporation, which Fox lawyers were accused of misrepresenting to the court.
Kurtz also discussed leaked audio tapes of Rudy Giuliani, Donald Trump’s former personal attorney, telling Fox Business host Maria Bartiromo that he did not have evidence to back up his false claims about election rigging by Dominion in the 2020 election. Fox News was sanctioned by the judge on Wednesday for failing to hand those recordings over to Dominion’s lawyers during discovery.
A rough week for Fox in Dominion lawsuit: Judge knocks down some of its key defenses, sanctions the network and suggests an investigation–but also bars mention of Jan. 6. Fox says the case could do grave damage to all news organizations. Trial starts tom’w https://t.co/acQzT4xwtE
“That’s not all,” Kurtz said. “In other pretrial rulings, Judge Davis undercut part of Fox’s defense. The judge said Fox News could not argue that it carried false allegations of election fraud by Trump allies because they would be newsworthy. Judge Davis said just because someone is newsworthy doesn’t mean you can defame someone.”
At the time of Kurtz’s remarks, the Dominion trial was expected to begin Monday. However, Davis announced late Sunday that the trial had been delayed until Tuesday. The judge did not give a reason; however, the Wall Street Journal reported that Fox News had made a late push to settle the dispute out of court.
In February, Kurtz said the network had prohibited him from reporting on the lawsuit, noting that he “strongly disagreed” with that decision.
Dominion Voting Systems is suing Fox over allegations the network damaged the voting software company’s reputation by repeatedly amplifying claims that the company helped rig the 2020 election against Trump, despite knowing those claims to be false.
We know that all emails and text messages that contain protected health information (PHI) should be encrypted.
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Are there any exceptions to the encryption rule?
Just one.
Patients can communicate with covered entities using unencrypted email and text messages, if the patients have been informed of the increased risk.
Patients can opt to have reminders sent via text messages or emails.
One issue that many healthcare providers have regarding encryption, is failing to fully realize all information that is PHI. PHI is an incredibly broad classification that includes much more than just a patient’s name or address or Social Security Number.
Another issue that healthcare providers must face is the over labeling of portals, storage, services as being “HIPAA compliant”.
While some of these services are HIPAA compliant, some are not and it is the covered entity’s job to do their due diligence.
While encryption is an addressable implementation specification, it is an incredibly useful tool for healthcare providers and can greatly reduce penalties in the event of a breach.
Healthcare entities should perform routine and thorough risk assessments to check for areas of vulnerability.
If you need help updating your compliance plan, auditing, or training staff, contact us today.
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The Department of Justice (“DOJ”) announced a new Voluntary Self-Disclosure Policy to be used by US Attorney Offices throughout the country.
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The new policy helps to encourage early and voluntary self-disclosure of corporate criminal misconduct. It reinforces the importance of having an effective compliance plan that identifies misconduct.
To be a voluntary self-disclosure, the disclosure must be voluntary, timely and must contain all relevant facts of misconduct.
If the disclosure is all of the above, the government will not seek a guilty plea against the companyso long as the company also fully cooperates with investigators and appropriately remediates the criminal conduct.
However, even if the disclosure counts as a voluntary self-disclosure, if the misconduct:
poses a grave threat to national security, public health or the environment, or
if it is deeply pervasive throughout the company, or
involved current executive management of the company,
then there may still be a guilty plea.
As always, it is essential to be proactive about your compliance plan.
If you need help updating your compliance plan, auditing, or training staff, contact us today.
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We publish vital information on health law topics and news every Wednesday and Friday. To get this important information delivered directly to your mailbox, subscribe today!
Do you need help updating your Business Associate Agreement or negotiating contracts with third-party vendors? We can help. To contact us about your Business Associate Agreement, your vendor contracts or your other legal needs, call us today.
China’s government accused Washington on Tuesday of pursuing “technology hegemony” following news reports the United States might step up pressure on tech giant Huawei by blocking all access to American suppliers.
The possible move, reported by Bloomberg News, The Financial Times and The Wall Street Journal, would tighten restrictions imposed in 2019 that limit Huawei’s access to processor chips and other technology. The company, which makes network equipment and smartphones, was allowed to buy some less advanced components.
Huawei Technologies Ltd., China’s first global tech brand, is at the center of conflict between Washington and Beijing over technology and security. US officials say Huawei is a security risk and might facilitate Chinese spying, an accusation the company denies.
“China is seriously concerned about the reports,” said a foreign ministry spokeswoman, Mao Ning. She accused Washington of “over-stretching the concept of national security and abusing state power” to suppress Chinese competitors.
“Such practices are contrary to the principles of market economy” and are “blatant technological hegemony,” Mao said.
Mao said Beijing would “defend the legitimate rights” of its companies but gave no indication of how the government might respond. Beijing has made similar declarations after past US actions against its companies but often does nothing.
The ban on sales of advanced US processor chips and music, maps and other services from Alphabet Inc.’s Google unit crippled Huawei’s smartphone business. The company sold its low-end Honor smartphone brand to revive sales by separating it from the sanctions on its corporate parent.
The Commerce Department agreed to grant export licenses to US companies to allow them to sell less-advanced chips and other technology to Huawei that was deemed not to be a security risk. That followed by complaints from suppliers would lose billions of dollars in annual sales.
The Biden administration is considering no longer granting such licenses, although no decision has been made, the news outlets reported, citing unidentified people familiar with official deliberations.
Huawei scrambled to remove US components from its network and other products and has launched new business lines serving factories, self-driving cars and other industrial customers. The company hopes those are less vulnerable to US pressure.
Huawei says its business is starting to rebound.
“In 2020, we successfully pulled ourselves out of crisis mode,” Eric Xu, one of three Huawei executives who took turns as chairman, said in a December letter to employees. “US restrictions are now our new normal, and we’re back to business as usual.”
Last year’s revenue was forecast to be slightly-changed from 2021 at 636.9 billion yuan ($91.6 billion), Xu said.
Many of our clients have heard of the powers of attorney, but do not know what they actually entail.
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It is important to know that there are different types of powers of attorney, however, they are all legal documents that allow you to pick an agent or attorney-in-fact on your behalf.
Powers of attorney allow another person to make financial, legal, and medical decisions for you, depending on the type.
There are different types of powers of attorney. Some include:
Durable Power of Attorney – A durable power of attorney is one that is effective, even upon incapacitation. It allows the appointed person the power to make decisions on your behalf, whether financial or legal.
Limited Power of Attorney – A limited power of attorney restricts the powers to certain designated powers, such as selling property.
Medical Power of Attorney – This allows you to name a person to make medical decisions for you. This is helpful if you are incapacitated and need medical care.
There are other ways to structure powers of attorney too.
Many people choose their spouse or a close relative to act as their power of attorney.
If you no longer want that person to act on your behalf, you can revoke your power of attorney and pick a new person to list in new documents.
The reason we recommend having the powers of attorney in place is so that you are in control of who makes decisions on your behalf, should you be unable to make those decisions.
If you need help with your power of attorney, we can help.
Contact us today to help you get the right documents in place or to update your current estate plan. We will plan so that you don’t have to worry about your future.
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Saudi Arabia increased its stake in electric-vehicle maker Lucid (NASDAQ:LCDs) by 9% last quarter, an SEC filing was disclosed yesterday. The news comes amid speculation about the Middle Eastern country completely taking over the EV maker.
Saudi Arabia Bought More LCID Stock
In the fourth quarter, the country’s Public Investment Fund (PIF) bought nearly 200 million more shares of Lucid, bringing its total position in the automaker to 1.1 billion. The purchases increase the fund’s stake in the EV maker to 62%.
LCID is by far the largest holding in the PIF and the recent purchase has LCID make up close to 25% of the fund’s portfolio. The fund has also recently increased its stake in its second-largest holding Activision Blizzard (NASDAQ:ATVI). Yet ATVI stock only makes up 9% of the fund’s portfolio and it owns just 5% of the videogame maker.
Rumors of a Takeover
Last month, the business news website Betaville reported a rumor that the Saudis could seek to acquire all of the shares of LCID stock that they did not already own. There was also speculation that the country’s investment fund had already been recruited JPMorgan (NYSE:JPM) to work on such a deal.
The fund invested $1 billion in LCID in 2018, before the automaker’s shares were publicly traded. And in April 2022, the Saudi government announced it would purchase 50,000 EVs from Lucid. The country intends to buy 1,000 to 2,000 EVs annually from Lucid.
More About Lucid
As of yesterday’s market close, LCID stock has soared 51% so far this year. However, the automaker’s shares are still down 64% in the last year and had slumped 10% in the previous five trading days.
On Jan. 23, Citi resumed coverage of LCID stock with a “buy” rating. The firm is upbeat about the “company’s technology and product positioning.”
On the other hand, I’ve been bearish on the name, citing Lucid’s lack of brand strength and tremendous competition.
On the date of publication, Larry Ramer did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Larry Ramer has conducted research and written articles on US stocks for 15 years. He has been employed by The Fly and Israel’s largest business newspaper, Globes. Larry began writing columns for InvestorPlace in 2015. Among his highly successful, contrarian picks have been PLUG, XOM and solar stocks. You can reach him on Stocktwits at @larryramer.
From pandemic-related travel restrictions to extreme weather events, Canada’s travel industry has navigated an unprecedented amount of uncertainty of late. And now, just as demand for travel has returned to its 2019 level, airlines are navigating their next patch of turbulence: a lack of qualified pilots.
According to Transport Canada, in a typical pre-pandemic year, roughly 1,100 pilot licenses were issued. When complemented by foreign-trained pilots, that was generally more than enough to satisfy the needs of carriers as large as WestJet and Air Canada, all the way down to regional, charter and cargo airlines.
But as demand for flying collapsed in 2020, so did the number of new pilots get their paperwork. Government data shows less than 500 licenses were awarded in 2020, a figure that fell to less than 300 in 2021 and just 238 last year.
The department told CBC News in a statement that while labor shortages in the airline sector have been “identified as a priority area for action,” there are no current plans to loosen regulations. But the agency says it’s doing what it can to “increase the competitiveness of the Canadian flight training industry as well as improve the viability of aviation careers to address any shortages.”
Whatever changes do come will do little to help anyone in the short term, and travelers are already seeing the impact of the industry’s current labor crunch.
Staff shortages were a factor in charter airline Sunwing’s cancellation of 67 flights over the last two weeks of December, along with extreme weather.
Salaries for experienced pilots generally go up faster and higher at the major airlines than they do at most others, they are so typically able to have their pick among those available. That causes shortages just about everywhere else.
The head of the Air Transport Association of Canada says it’s a problem that has been brewing for many years, even before the pandemic.
“We haven’t had enough pilots for a long time, mostly at the regional level,” John McKenna said.
Long, expensive process
Getting a commercial license is the last step in a multi-year process of becoming a pilot, a journey that can cost tens of thousands of dollars and take years.
In Canada, for many that journey ends with a dream job at either WestJet or Air Canada, but because of the expense and time commitment of training a new pilot, the major airlines often hire top staff from smaller carriers instead of methodically developing their own.
“Their fishing grounds are the regional carriers. And the regional carriers go down to the smaller carriers, air taxi groups … those levels have been hurting for many years,” McKenna said.
Canada’s two biggest airlines told CBC News in emailed statements that while there is indeed a higher than normal demand for pilots right now, both of them are managing to meet their needs.
“As a large global carrier operating the most modern, largest aircraft, we are a very desirable destination for talented pilots,” AIr Canada said. “As a result, we are able to attract pilots as required.”
“We have and continue to responsibly manage and plan our operations to meet the anticipated demand of our guests and are fully staffed across our network to support our operations,” WestJet said.
That’s not the case for everyone else. Small airlines often have so few pilots on staff that it doesn’t take the loss of very many to stop planes from flying.
Dave Boston is a licensed pilot and also runs a job board to help other pilots find work. (Dave Boston)
In the fall, Sunwing applied to bring in more than 60 temporary foreign workers to meet the demand for pilots, but that application was rejected, which exacerbated the chaos seen at the end of 2022. The airline has since canceled almost all flights out of Saskatchewan and most out of Manitoba for the rest of the winter travel season.
Pandemic reduced numbers, too
It’s not just the big boys gobbling up all the qualified pilots, either. Many simply left the profession during the pandemic.
“Two years ago, to the day, literally almost every pilot [was] out of work,” says Dave Boston, a pilot with 25 years experience who’s also the man behind the Edmonton-based aviation job board, the Pilot Career Centre.
Faced with furloughs and layoffs at airlines big and small, many pilots tried to wait it out, but many simply moved on, he told CBC News in an interview.
“Many who had businesses or other interests, after maybe six months to a year, had to put food on the table, and they left the industry,” Boston said.
For the pilots who are left, headhunting is the new normal. He says he hears from desperate airlines every day, because they either can’t find the staff, or just lost yet another one. “It’s very common for pilots, unfortunately, to work there for six months [then] get a surprise interview that they don’t expect to get, and then they’re gone,” he said.
“It’s a real challenge right now.”
Zona Savic, right, listens to her instructor inside the cockpit of a flight simulator unit at Seneca College. Savic has a long dream of being a pilot, and a lack of qualified flyers means he should have plenty of job prospects once he graduates. (Shawn Benjamin/CBC)
One person hoping to meet that challenge is Zona Savic, a soon-to-be graduate of one of Canada’s premier aviation schools, Seneca College in Peterborough, Ont.
While she had planned to go into engineering, she joined the Air Cadets while in high school, and was quickly bitten by the aviation bug.
“I just knew from the moment that I was in that plane, this is what I was going to do,” she told CBC News in an interview.
She’s on track to get her pilot’s license soon, and while she may do additional training to become an instructor herself, she says it’s a load off her mind to know that she won’t have to worry about finding a job.
And even better for the industry, she has no qualifications about working her way up at smaller carriers flying niches, remote routes.
“I just love the feeling of flying, so if that’s what I’m doing, I don’t really care if I’m in Paris, or in Nunavut,” she says. “Anything is good for me, as long as I get to experience that.”