Why the FDA’s Protected Health Information (PHI) Is the Most Valuable Target in Breach Litigation?

The sensitivity of healthcare information means that you may be entitled to significant financial compensation when it has been stolen. The national data breach attorneys at Federman & Sherwood can represent you in a lawsuit against the provider whose negligence led to the theft.

Healthcare providers have increasingly been victimized by data breaches that have compromised patient information that has been entrusted to them. There is a reason why hackers have focused on healthcare providers. The information is more valuable when it is sold on the black market. Healthcare data breaches often result in larger settlements due to the harm that has been caused to patients.

Has your personal information been compromised in a data breach? If yes, speak to the national data breach lawyers at Federman & Sherwood by calling us at (800) 237-1277 to learn more about your legal options.

Healthcare Data Is Even More Valuable on the Black Market

Breaches in which hackers gain access to credit card information are damaging enough to consumers. These hackers sell the information to people who run up charges on your card or commit forms of identity theft. Even if you do not end up being held responsible for the charges made in your name, it can take a considerable amount of time and hassle to deal with a stolen credit card number or identity theft. The situation can be even more damaging when it is your Healthcare information that has been stolen.

There are reports that hackers have been able to sell an individual’s healthcare data for as much as $1,000. Basic medical records can go for around $60 each on the black market. On the other hand, credit card numbers are sold for roughly $10-240 each. Millions of credit card numbers are hacked each year, and hackers and those who buy the numbers have a limited amount of time to exploit the stolen data.

Why Healthcare Data Breaches Are Even More Damaging

There is a reason why healthcare information sells for far more. When credit card data is stolen, consumers often notice it after the first time their card has been fraudulently used. They may even be able to switch credit card numbers before fraudsters have a chance to incur credit in their name. None of this is to downplay the damaging effects of credit card data breaches, but having your healthcare information stolen can be far worse for you.

When healthcare information is stolen and sold on the black market, it can be used in a variety of damaging ways. Someone who buys or otherwise gains access can do the following with it:

• Obtain medical care in your name, which can lead to bills and incorrect patient records
• File false claims with insurance companies and government agencies can cause you legal issues
• Use your unique identifiers that are contained in your healthcare information to open financial accounts in your name
• Use the information that is learned to conduct a phishing scheme to gain more of your information
• Engage in blackmail or extortion because the fraudster knows your personal medical details

With these types of fraud, remedying the situation is not as simple as canceling a credit card and obtaining a new number. You cannot change your health care information, and you never quite know who will have it going forward. Not only are there financial losses to you, but there is also significant emotional distress, both knowing that your personal information has been stolen and that it may permanently be out there. No matter what you do, there may always be someone out there who has access to your most sensitive information and can use it at a time and place of their choosing, and there may be little that you can do about it.

In practice, the actual settlements in class action cases involving healthcare data breaches have been far larger on a per claimant basis than those involving stolen credit card numbers. This fact is due to the greater damages that are caused, along with the emotional distress and invasion of privacy elements of your case. Our national data breach lawyers can review the damages in your case and advise you about how much you may be entitled to in individual or class action litigation.

Contact a National Data Breach Law Firm

If your sensitive healthcare information has been compromised, a national data breach attorney at Federman & Sherwood can fight for you to be compensated. The first step is to schedule a free initial consultation, which you can do by filling out an online contact form or by calling us today at (800) 237-1277. Our offices are located in Oklahoma, Florida and Texas, and we serve data breach victims nationwide.