Two recently published reports discuss the high cost of healthcare data breaches organizations can incur. The Department of Health and Human Services estimates that it takes a breached healthcare organization a full year to recover. From fines and lawsuits, to having to rebuild the hospital’s reputation, it is hours of work at a high cost. Both studies, however, found that there is a way to mitigate these costs and resolve the issue before it starts – better data security and privacy controls.
The Cost of a Healthcare Data BreachIn 2018, the Ponemon Institute published a report analyzing the costs of data breaches that have occurred over the 12 months preceding the report. The Institute discovered three things:
- Faster identification of a data breach reduced costs
- Hackers and criminal insiders caused the most data breaches (48%)
- The loss of customers had significant financial consequences on the organization