The Cost of Negligence
Avoiding Cyber Security? You Might End Up Paying A Higher Price
Inadequate cybersecurity measures and failure to comply with industry regulations are causing businesses to become more vulnerable to attacks. Without security measures in place, you risk financial losses, reputational damage, and operational disruption that could end up costing more than your organization can afford to lose.
Let’s take a look at
notable attacks.
Morrison Community Hospital
Morrison, Illinois
HEALTHCARE
SEPTEMBER 2023
Ransomware Attack and Data Breach
Patient’s protected health information exposed by unauthorized third-party.
Files Contained
Names
Address
Dates of birth
Social Security numbers
Medical information
Outcome
Ransom requested was not paid which resulted in the third-party leaking
the stolen data on its data leak site.
Cost
$675,000 + legal fees. In January 2025, the hospital settled with plaintiffs
avoid trial and further legal costs.
Source: The HIPPA Journal
Let’s Take a Look at
Notable Attacks
LEGAL
Gunster, Yoakley & Stewart
West Palm Beach, Florida
NOVEMBER 2022
Ransomware &
Data Breach
Compromised Data
Included
DOB
SSN
Driver’s license and Passport numbers
Financial account information
Medical information
Timeline
Breach occurred in November 2022. Gunster didn’t notify
individuals until August 2023.
Outcome
Lawsuit was filed alleging Gunster inadequately
maintained its computer network, platform and software,
making them easy prey for cybercriminals.
Cost:
$8.5 million settlement
Source: Bloomberg Law News
Bayview Asset
Management
& Affiliates
Coral Gables, Florida
WEALTH
MANAGEMENT
JANUARY 2024
Data Breach &
Non-Compliant
Investment management firm suffered a data breach that affected 5.8 million people. Bayview and its subsidiaries’ information technology and cybersecurity practices were not compliant with state or federal standards.
Outcome
Company has agreed to implement corrective measures, strengthen its
cybersecurity programs, undergo independent assessments and provide
reports to state regulators.
Cost
$20 million fine from state regulators.
