VGM & ASSOCIATESHealthcare MSO

Cybersecurity Outlook for 2021

Published in Member Communities on March 03, 2021

By: Jeremy Kauten, CIO and Senior VP of IT, VGM Group, Inc.

In 2021, ransomware damages are expected to be upwards of $20 billion. Previously in 2015,  ransomware was increasing at an alarming rate and was estimated at $325 million. And much of the damage due to cybersecurity breaches have been witnessed by the healthcare industry. Below, I’ve outlined some of the trends to be aware of and advice to help you protect yourself, your customers, and your business.

ransomware damages 2021

Cybercrime and Cryptocurrency

The total cybercrime damages are predicted to exceed $6 trillion annually in 2021. This represents the greatest transfer of wealth in history. Cybercrime will be more profitable than all illegal drugs combined globally.

To move that amount of wealth, many bad actors are now utilizing cryptocurrency. In fact, most cryptocurrency transactions conducted in 2021 will be for criminal activity. Cryptocurrencies like Bitcoin are allowing criminals to transact quickly, bypassing traditional government payment systems.

cybercrime will be more profitable than all illegal drugs combined globally

FireEye Breach


In recent weeks, attacks from foreign governments have exacerbated the cybersecurity threat. Russian agents were able to breach the cyberdefense giant, FireEye. FireEye is typically used by large Fortune 100 firms, as well as government agencies such as the FBI, to protect their data. However, FireEye is also known for having the latest offensive tools used in red team attacks, which are ethical hackers using tools on organizations to identify risks. These tools that contain many vulnerability exploits are now in the hands of the bad guys.

hackers will likely try to gain access to email accounts

What to Watch For

Cyber breaches in 2021 will likely use these two elements of attack:

  1. A component of email used in the attack – Not that the email server itself will be compromised, but hackers will likely try to gain access to email accounts or use a malicious email to get a foothold in the organization.
  2. Remote workers – The pandemic sent workers home with access to the network. This will likely be part of business as usual. Securing devices outside the firewall is different and takes new resources. Hackers are also aware of this and will try to exploit this area.

Playbook: Forecasting 2021This article was originally featured in the VGM Playbook: 2021 Forecasting. To read the complete article, download your copy of the playbook.


comments powered by Disqus

Get Connected

Stay up-to-date on the latest resources and news provided by VGM & Associates.

Sign Up for Email

From Our Experts

Why Are Respiratory Clinical Outcomes Becoming So Important? thumbnail Why Are Respiratory Clinical Outcomes Becoming So Important? Outcomes has been a buzzword in the industry for several years. But why are outcomes in the home respiratory care space becoming so important? The Importance of Training Techs in the Complex Rehab Industry thumbnail The Importance of Training Techs in the Complex Rehab Industry Worker shortages are prevalent in every sector of the economy; the complex rehab technology (CRT) industry is no exception. ATPs as well as repair technicians are in short supply. But what is being done to help address both of these needs? Training is one of the answers. Oxygen Talk with Ronda Buhrmester - All Things NCD Memos and PHE Waivers thumbnail Oxygen Talk with Ronda Buhrmester - All Things NCD Memos and PHE Waivers We chat with Ronda Buhrmester, Senior Director of Payer Relations and Reimbursement at VGM Government Relations about the changes coming to the oxygen equipment medical policy and how the renewed PHE continues to impact waivers. A Deep Dive into the “Competitive Bidding - A Decade Focused on the Wrong Prize the Case for Medicare Investment in DME in 2021” Study thumbnail A Deep Dive into the “Competitive Bidding - A Decade Focused on the Wrong Prize the Case for Medicare Investment in DME in 2021” Study In today's episode of Industry Matters we talk with Brian Leitten, CEO of Leitten Consulting, John Gallagher, VP VGM Government Relations, and Mark Higley, VP VGM Regulatory Affairs about an updated study, “Competitive Bidding - A Decade Focused on the Wrong Prize the Case for Medicare Investment in DME in 2021." VGM's Jim Walsh Retires as General Counsel thumbnail VGM's Jim Walsh Retires as General Counsel VGM Group, Inc., announced today its general counsel, Jim Walsh, has retired as of December 31, 2021. Walsh will remain involved with VGM as an advisor to the senior leadership team and chairman of the board of directors. Branding Matters. A Lot. To Your Customers and Your Bottom Line thumbnail Branding Matters. A Lot. To Your Customers and Your Bottom Line Your company's brand is the most valuable business asset you own. Branding is the single most important thing you can do to positively affect your revenue. As you begin planning for 2022, give these two things a little love, and your business will grow significantly. Branding Matters. A Lot. To Your Customers and Your Bottom Line thumbnail Branding Matters. A Lot. To Your Customers and Your Bottom Line Your company's brand is the most valuable business asset you own. Branding is the single most important thing you can do to positively affect your revenue. As you begin planning for 2022, give these two things a little love, and your business will grow significantly. Branding Matters. A Lot. To Your Customers and Your Bottom Line thumbnail Branding Matters. A Lot. To Your Customers and Your Bottom Line Your company's brand is the most valuable business asset you own. Branding is the single most important thing you can do to positively affect your revenue. As you begin planning for 2022, give these two things a little love, and your business will grow significantly.

Stay one step ahead of your competition.

Become a Member