As per new federal laws, the nation’s medical records will soon be stored electronically. These new electronic records will be a part of the state-run health insurance exchange programs that are designed to help consumers find affordable health care. Insurers participating in these programs will have access to a person’s medical records to help price insurance policies. Going electronic has some major risks, however, and these risks have never been more apparent than they are today.
While the advancement of technology has brought many benefits to humanity as a whole, it has also given those with dubious intentions a new way to commit crimes. A recent hacking spree proved just how tenacious online criminals could be after hackers compromised the security of Sony and other companies. These hackers stole the financial information of millions of people. The attacks cost the insurance industry nearly a billion in damages, but the damage done to people’s personal finances may have been much worse.
The Obama administration is currently working with insurers and security agencies to determine a way to ensure the safety of electronic documents. With millions of documents being processed, this is no small feat. The insurance industry has only recently begun to intimately involve itself in the world of cyber security and it may still have much to learn before it can account for all the risks inherent in an online world.