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Healthcare Data Breaches Cost More Than You Think

Dec 19, 2013

The High Cost Of Insecurity

Healthcare providers just don't get it. They refuse to see the need to fully secure their protected health information from unauthorized users -- and from authorized users who abuse their access privileges. As a result, they don't allocate enough budgetary resources for securing medical data.

It's time that healthcare administrators realize that their decisions may be penny-wise, but failing to adequately secure health information is pound-foolish in the long run. 

Our in-depth analysis reveals that the cost of managing a data breach can be huge -- including fines, class-action lawsuits, lost staff time, not to mention long-term damage to the organizational reputation as a responsible provider of patient care. The cost of preventing such breaches, on the other hand, including encryption, risk analysis, targeted policy and procedures manuals, and staff training, may not be cheap but is far less costly than cleaning up after a breach.

We'll walk through the real-world cost of security versus the cost -- both hard and soft -- of insecurity. We'll also arm you with several best practices to help strengthen your defenses, without breaking the bank. And finally, you'll learn the correct steps to take after a data breach and how to respond when your organization is faced with a regulator's corrective action plan or formal resolution.

Think only larger healthcare organizations have to worry about data breaches? Think again. A whopping 91% of small healthcare practices in North America say they have suffered a data breach. Equally disturbing is the finding that 70% of respondents aren't confident that their budget meets risk management, compliance, and governance requirements. 

It's time healthcare managers step up to the plate and own the fact that while security costs money, failing to secure the system costs so much more. (S7680114)

Research Report