Written by Bill Leonard, Vice President, Professional Services - iatricSystems
$5.6 billion. $5,600,000,000. Seeing the amount, instead of just reading the amount, gives it more meaning — at least to me it does. That rather large number is how much privacy breaches cost the healthcare industry annually. Each healthcare organization spends almost $2 Million ($2,000,000) over a 2-year period to address attacks. The most troubling trend is that the attacks on healthcare organizations are on the rise and expected to continue.
Earlier this year, Health Data Management invited eight top-level hospital representatives to a roundtable in New York to discuss how healthcare organizations can combat privacy threats. During this session these experts shed light on the biggest threats to patient privacy and what they’re doing to safeguard medical records.
Why is healthcare susceptible to attacks?
There are several reasons:
Policies, Procedures, and Technology
Patient Privacy and Security need to be engrained in all aspects of your organization. There are three elements of any patient privacy compliance program that reduce the risk of a data breach and provide a solid foundation for security and patient privacy — Policies, Procedures, and Technology.
Protecting PHI is not just about data — it’s the personal history of an individual, and represents a bond of trust between the patient and the hospital entrusted with their data. A hospital’s ability to maintain that trust is vital to its image, reputation, financial success, and longevity. It is not only the $5.6 million in costs associated with a breach that you need to consider, but also the cost when intangible assets are compromised.