Connect with us

Health

Data Breaches Can Cost Over $6 Million – Can Hospitals Protect Patient Data?

It’s safe to say at this point that data breaches in the US healthcare system are quite common and are showing no signs of slowing down. According to a study by the reputed Ponemon Institute, healthcare data breaches cost over $6 million, on average. This cost is 60% more than the costs incurred for data breaches by all the other sectors outside of healthcare. For the record, data breaches in other sectors cost about $4 million. Thus, it is quite a serious issue for any given healthcare provider. 

Some statistics 

The study took into account 500 organizations that were affected by a data breach. The conclusion is unsurprising – healthcare is the worst affected sector in terms of financials – holding the infamous place for the ninth year. 

The costs come from various sources – regulatory, legal, and technical functions, and includes detecting the breaches, giving appropriate responses regarding them, and notifying patients as well. Goodwill is also affected – patients lose trust when their providers are hit by a data breach, unwanted attention is attracted, and can slow down several operations tackling the breaches. 

The study also revealed that healthcare data breach costs have increased by 5% in 2018. Compared to healthcare providers spending $408 per record in 2018, an estimated $429 will be spent per lost or stolen record. The report also sheds light on a worrying trend – longterm impacts on the providers. The aftermath of a data breach can cause increased monitoring for further breaches as well as millions in losses, both of whose effects can be felt for years after the incident. 

More trouble

Another study showed that smaller hospitals have trouble maintaining their cybersecurity protocols properly. Usually, the majority of organizations take around 245 days to contain or report a breach. These can lead to huge costs, as HIPAA mandates that healthcare providers let authorities know about the breaches within 60 days of the occurrences. These hospitals also get hit by lawsuits from their patients – the reason being their failure to protect sensitive patient data. 

Positively, those providers who proactively report breaches and have measures in place are reducing costs. Many who are doing this have reduced their costs by $1.23 million compared to those who did not.

Data breaches lead to medical identity theft

Usually, these data breaches lead to the patient records being exposed or sold in the black market. Many can buy from these stolen records and assume the identities of the affected patients, generating medical identity theft. This can cost the patients thousands of dollars and they have to pay for services they never used.

Can medical identity theft be prevented?

Fortunately, it can be – RightPatient does exactly that! RightPatient is a biometric patient identification solution that locks the medical records of the patients. It attaches the biometric data along with a photo of the patient with their medical record during enrollment. Whenever the patient comes in later for availing healthcare services, the platform accurately identifies the medical record within seconds after biometric verification. In the case of medical identity theft, whenever a third-party comes and assumes the identity of the patient, the platform immediately red flags the situation, preventing medical identity theft. Even if there are data breaches, the locked medical records will stay secure as access to them is protected via biometric verification. Several healthcare providers such as Community Medical Centers and University Medical Center are using RightPatient to safeguard millions of patient records. 

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Recent Posts

How To Prolong The Life Of Your Washing Machine How To Prolong The Life Of Your Washing Machine
Home Improvement1 day ago

How To Prolong The Life Of Your Washing Machine

When we buy a modern washing machine, we expect not only good quality washing and quiet operation, but also long...

7 Essential Characteristics Of A Good Med School Consultant 7 Essential Characteristics Of A Good Med School Consultant
Education1 week ago

7 Essential Characteristics Of A Good Med School Consultant

Being a med school consultant is troublesome work. They regularly have a brief period to keep an eye on hundreds...

6 Reasons Why You Need to Choose Manga Websites Over Physical Copies 6 Reasons Why You Need to Choose Manga Websites Over Physical Copies
Entertainment2 weeks ago

6 Reasons Why You Need to Choose Manga Websites Over Physical Copies

Manga reading is a significant part of Japanese culture and has been around for almost 200 years. This form of...

Kotlin Vs Flutter– A Comparison Of Two Cross Platform Technologies Kotlin Vs Flutter– A Comparison Of Two Cross Platform Technologies
Tech2 weeks ago

Kotlin Vs Flutter– A Comparison Of Two Cross Platform Technologies

Cross platform apps are the call for today.Facilitating developers to utilize a single codebase to undergo app development for various...

Steps For Maintaining Shinwa Cooling Towers and Chillers Steps For Maintaining Shinwa Cooling Towers and Chillers
Home Improvement2 weeks ago

Steps For Maintaining Shinwa Cooling Towers and Chillers

The set-up of chillers and cooling towers is crucial to the performance of any industrial or commercial air conditioning system....

Great and Simple Ways To Increase Warehouse Productivity Great and Simple Ways To Increase Warehouse Productivity
Business2 weeks ago

Great and Simple Ways To Increase Warehouse Productivity

The productivity of a warehouse is essential to any business. The process needs to work efficiently to maximize profits. There...

Make Your Celebrations More Enjoyable With Attractive Christmas Boxes Make Your Celebrations More Enjoyable With Attractive Christmas Boxes
Business3 weeks ago

Make Your Celebrations More Enjoyable With Attractive Christmas Boxes

Christmas is the season of sending and receiving gifts, and whatever gifts you choose for giving your loved on the...

Upcoming New Glam Faces Of Bollywood To Dream For Upcoming New Glam Faces Of Bollywood To Dream For
Entertainment3 weeks ago

Upcoming New Glam Faces Of Bollywood To Dream For

Bollywood has never failed to produce new talent as and when required. Again Bollywood is introducing some bold beautiful young...

How AI Is Playing An Indispensable Role For Modern Organizations How AI Is Playing An Indispensable Role For Modern Organizations
Business4 weeks ago

How AI Is Playing An Indispensable Role For Modern Organizations

With the development of mechanical AI and the IoT, Organizations in the vast majority of the divisions are being reconsidered...

Tips To Develop Cosmetic Products On Local and International Market Tips To Develop Cosmetic Products On Local and International Market
Business4 weeks ago

Tips To Develop Cosmetic Products On Local and International Market

Cosmetic products are always high in demand in global market. Cosmetic products are used by different age groups, around the...

Lifestyle4 weeks ago

Funeral Memorial – A Way to Celebrate and Remember A Cherished Life

Whenever you lose a loved one, it’s heartbreaking and very emotional, however you still have to prepare for their final...

How To Take Care Of Black Natural Hair? How To Take Care Of Black Natural Hair?
Lifestyle4 weeks ago

How To Take Care Of Black Natural Hair?

Getting started with how to care for black natural hair can be a little daunting. Once you begin, you may...

Health1 month ago

Should you Wear a Postpartum Belly Wrap?

Do you want to get in your pre-baby shape after bringing a new life into this world? You need to...

Frequently Asked Questions About CBD For Epilepsy Frequently Asked Questions About CBD For Epilepsy
Health1 month ago

Frequently Asked Questions About CBD For Epilepsy

For many years, there have been studies regarding the usage of cannabis to treat epilepsy and other neurological disorders. Also,...

PS5: Everything You Need To Know About Sony's Next Gaming Console PS5: Everything You Need To Know About Sony's Next Gaming Console
Entertainment1 month ago

PS5: Everything You Need To Know About Sony’s Next Gaming Console

When it comes to next-generation gaming, we might think about upcoming consoles like PS5, Xbox series X, etc. As the...

Categories

Archives

Trending