HEALTHCARE DATA BREACHES COST THE ORGANIZATION
$408 PER RECORD1
RUNNING A HEALTHCARE OFFICE DOESN'T LEAVE MUCH TIME FOR SECURITY
Healthcare offices face a high cost of doing business. Needing access to Protected Health Information (PHI) means needing to convince your patients to trust you with some of their most valuable information. As healthcare data breaches continue to rise, more and more providers are failing to live up to their patients' trust.
The 2018 Cost of Data Breach Study published by the Ponemon Institute measures the impact of healthcare data breaches at $408 per record. This figure averages breaches of all sizes and accounts for such impacts as:
Time and cost to investigate the breach
Providing credit monitoring to affected patients
Loss of patients to competing providers
Difficulty attracting new patients
Estimates vary widely regarding what percentage of patients change providers after their PHI is stolen, but the low end estimate still claims this figure to be 25%. (2)
When it comes to safeguarding PHI, the stakes have simply gotten too high for providers to fail in this area. Failure can have significant consequences for the future of the practice.
Castellum addresses this problem with a formulaic approach. Our healthcare security risk assessment process traces all elements of PHI from their entrance to your practice, to their various exit points. This enables us to step through a process to reveal:
What are we protecting?
What events are we protecting it from?
How could those events happen?
How likely are each of those events for this unique healthcare office?
What is the risk exposure, in dollars, for each of these events?
From there we can prioritize your risks and identify practical ways to reduce them. We seek out free or inexpensive solutions that you can implement right away, and work with you to chart a plan for growth in the future. You'll get your HIPAA documentation squared away while you're at it, but most importantly, you'll get some peace of mind that you aren't leaving your patients' PHI (and their trust in you) to chance. Your security risks will be managed on purpose, maximizing the effect of your time and resources.
Contact us to talk more about this. You will be pleased with the results.
1. Ponemon Institute - 2018 Cost of Data Breach Study
2. Accenture - 2017 Consumer Survey on Healthcare Cybersecurity and Digital Trust