This post has been updated from an earlier version, which mistakenly referenced and linked to ID Experts instead of ID Experts Corp.
ID Experts Corp raised new capital from BlueCross BlueShield Venture Partners and the Sandbox Advantage Fund as the company prepares to roll out its data breach response services to Blue Cross Blue Shield members to protect them from financial and medical identity theft, according to a company statement.
Dr. Tom Hawes, managing director with Sandbox Industries, said it regards the investment as a strategic partnership with ID Experts, particularly for its MIDAS medical identity monitoring service.
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“ID Experts is poised for rapid growth with its data breach and identity protection solutions, especially in the healthcare space,” he said. “We’re looking forward to helping advise the company strategically as it addresses new market opportunities in healthcare.”
The MyIDCare SaaS product is designed to protect people from nine types of identity theft including insurance, criminal, child, drivers’ license, Social Security, synthetic, financial, medical and employment.
In July last year, the Blue Cross Blue Shield Association said that all Blue Cross and Blue Shield companies would make identity protection tools available to customers. ID Experts is one of those preferred providers and is working with several Blue Cross and Blue Shield companies, according to a company statement.
The move follows an embarrassing data breach last year at Anthem and Premera, both Blue Cross Blue Shield companies. The breaches made headlines because of their size (Premera’s involved patient information on 11 million members) and details such as data in Anthem’s records was unencrypted, and the suspected cybercriminals were thought to be from China. The breaches raised questions about not only how well protected payers and providers are from external breaches but also from those inside their facilities.
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At the Abarca Forward conference earlier this year, George Van Antwerp, managing director at Deloitte, discussed how social determinants of health and a personalized member experience can improve medication adherence and health outcomes.
A Ponemon Institute report last year noted that criminal activity is the top reason behind healthcare data breaches.
Photo: Flickr user Nick Carter
