Data security is a major topic across many industries, but it could be argued that there’s no single area of business where it’s more significant than in healthcare.
The Need for Better Data Security
According to the Sixth Annual Benchmark Study on Privacy & Security of Healthcare Data, data breaches in the industry remain high in terms of volume, cost, and frequency. An astounding 9 out of 10 healthcare organizations involved in the study suffered some sort of data breach within the past two years, while 45% suffered five or more separate data breaches.
“Estimates based on the results of this study suggest that breaches could be costing the healthcare industry a walloping $6.2 billion,” says Dr. Larry Ponemon, chairman and founder of the Ponemon Institute. “The average cost of data breaches for covered entities surveyed is now more than $2.2 million while average cost to business associates in the study is more than $1 million.”
While much is being done to protect the industry’s robust record systems and the valuable data they store, it’s not enough. Cyber criminals are becoming more sophisticated in their methods and there’s a need for greater attention and focus on preventative methods.