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

Tips On Preventing Accidents In The Workplace and Keep Your Employees Safe Tips On Preventing Accidents In The Workplace and Keep Your Employees Safe
Business4 days ago

Tips On Preventing Accidents In The Workplace and Keep Your Employees Safe

Preventing accidents in the workplace is both the moral and ethical responsibility of every employer. Knowing that there’s a safety...

4 Surprising Ways SaaS Can Be A Game Changer For Small Business 4 Surprising Ways SaaS Can Be A Game Changer For Small Business
Business5 days ago

4 Surprising Ways SaaS Can Be A Game Changer For Small Business

The World Wide Web will never run out of tips and strategies on how to grow your business. These days,...

Understanding SaaS, PaaS, IaaS Prior to Selecting One For Your Business Understanding SaaS, PaaS, IaaS Prior to Selecting One For Your Business
Tech2 weeks ago

Understanding SaaS, PaaS, IaaS Prior to Selecting One For Your Business

Summary: Cloud Computing is rising at a faster pace, and it’s crucially important for organizations to move to the Cloud...

5 Tips to Avoid Federal Tax Penalty For Taxpayers 5 Tips to Avoid Federal Tax Penalty For Taxpayers
Finance2 weeks ago

5 Tips to Avoid Federal Tax Penalty For Taxpayers

When you are undergoing a tax issue, then it is vital to have knowledge of what are you up against...

Hygienic Cleaning Tips Before Moving Into A New Home Hygienic Cleaning Tips Before Moving Into A New Home
Home Improvement3 weeks ago

Hygienic Cleaning Tips Before Moving Into A New Home

Buying a new home during a pandemic is not only a financial challenge but a sanitary concern. Namely, before you...

Spy App For Android A Tool For Keeping Workplace Spy App For Android A Tool For Keeping Workplace
Tech4 weeks ago

Spy App For Android A Tool For Keeping Workplace

Dealing with routine matters has been a lot easier and stress-free thanks to modern technology. Want to order food, use...

How to Create A Backyard Zen Oasis How to Create A Backyard Zen Oasis
Home Improvement4 weeks ago

How to Create A Backyard Zen Oasis

The lifestyle of the modern era usually depletes one’s energy by the time they get home from work. Whether or...

Mistakes You Need to Avoid When Preparing Your CV Mistakes You Need to Avoid When Preparing Your CV
Education4 weeks ago

Mistakes You Need to Avoid When Preparing Your CV

Writing a CV can be hard. You have to somehow condense all your experience into 1 or 2 A4 pages....

Home Decor Trends For 2021: What You Can Expect Home Decor Trends For 2021: What You Can Expect
Home Improvement1 month ago

Home Decor Trends For 2021: What You Can Expect

This year, the Covid pandemic has had a huge impact on many different industries and sectors and one which has...

5 Ways to Protect Your Teeth This Christmas 5 Ways to Protect Your Teeth This Christmas
Health1 month ago

5 Ways to Protect Your Teeth This Christmas

Christmas is just around the corner and the preparations are well underway for the festive day, even if it is...

How to Create A Referral Marketing Program In 6 Easy Steps How to Create A Referral Marketing Program In 6 Easy Steps
Marketing2 months ago

How to Create A Referral Marketing Program In 6 Easy Steps

You may have heard of the benefits of a referral program. Besides helping you attract more traffic to your website,...

5 Important Web Design Considerations to Make For Better SEO 5 Important Web Design Considerations to Make For Better SEO
Tech2 months ago

5 Important Web Design Considerations to Make For Better SEO

Ever since the birth of search engines, practices in optimising websites for better search rankings have changed considerably. Where it...

4 Reasons For Your Teeth Becoming Sensitive 4 Reasons For Your Teeth Becoming Sensitive
Health2 months ago

4 Reasons For Your Teeth Becoming Sensitive

Having sensitive teeth can be a common issue for many, but it can also be a sign that you have...

How To Keep Your Business Clean & Sanitised How To Keep Your Business Clean & Sanitised
Business2 months ago

How To Keep Your Business Clean & Sanitised

If your business offers any kind of public-facing services, then you will likely be thinking a lot more about the...

The Impact Of Covid-19 on Commercial Property The Impact Of Covid-19 on Commercial Property
Business2 months ago

The Impact Of Covid-19 on Commercial Property

The lives of people all over the world have been completely altered as a result of Covid-19, with businesses struggling...

Categories

Archives

Trending