Healthcare regulations and technology are evolving with new industry standards.
As the healthcare industry continues to move and add sensitive patient data to electronic records, you have to ensure it’s protected and you have strong reliable technology.
In this blog, we will share why Healthcare Providers are vulnerable, the impact of a breach and what you can do to reduce your risk and vulnerabilities.
Cybercriminals Target Healthcare Providers
Healthcare medical records contain a lot of patient information critical to their care and for purposes like insurance and billing. This data is highly valuable for hackers if they can gain access to it. Another reason hackers target healthcare companies is due to outdated medical equipment and systems’ lack of security. As more devices get added and with IoT, there also comes to increasing the number of access points available for hackers to gain entry to data.
Healthcare providers can’t be without access to their information and downtime is costly so we see them pay a ransom in hopes to get back up and running. If a hacker is successful, they will get paid quickly holding the information hostage.
Today, not just specific to the healthcare industry, we are finding that employees are not formally educated or provided training on cybersecurity best practices of how to prevent or handle a breach. The lack of knowledge leads to accidental situations and opportunities for cybercriminals to gain access to your systems and information.
Breach Costs for a Healthcare Provider
Patient’s data is critical to their health, well-being, and life. It’s critical to proactively protect their information.
Healthcare providers are targeted every day by cybercriminals. When these breaches occur, the impact can be devastating. The costs can include compliancy fines, ransom fees, reputation damage, loss of business and it can even impact the health and care for your patients.
Breaches in the healthcare industry are among the most expensive. According to the IBM and Ponemon Institute Study, the average cost is $429 per record to recover the information.
Healthcare Breaches Cost the Most: For the 9th year in a row, healthcare organizations had the highest cost of a breach – nearly $6.5 million on average (over 60% more than other industries in the study).
It is more cost-effective to invest upfront in proactively implementing a stronger more secure technical architecture, then pay for the implicit and explicit costs of a breach.
Healthcare Provider Technology Solutions
Healthcare providers need a strong reliable solution to stay compliant, protect their information and be proactive. Acquiring technical products and in-house personnel who possess the skills needed can be expensive, especially for smaller practices.
In today’s changing environment, more Healthcare Providers are outsourcing their technology needs as an option to engage a team of experienced IT professionals who can help proactively protect their information. This includes proper backup, business continuity planning, firewalls, encryption, virus protection, security awareness training and a custom technical solution to fit your business needs. In addition to a more secure network in the fast-paced healthcare industry, a strong technology solution can also help increase productivity and efficiency resulting in a better service experience for patients.