Each lost or stolen record costs the healthcare industry $355, on average, based on a Ponemon report, "2016 Cost of Data Breach Study: Global Analysis," according to Healthcare IT News.
The report included information from 383 companies.
Here are five insights:
1. The report notes the healthcare industry saves money by:
• Instituting incidence response plans
• Hiring a chief information security officer
• Training employees in cyber security
• Developing awareness programs
• Establishing a business continuity management strategy
2. The total cost of a data breach increased from $3.79 million in 2015 to $4 million in 2016.
3. In 2015, the average cost of each lost or stolen record with sensitive information was $154. In 2016, this number increased to $158.
4. Ponemon commented the greatest consequence of a data breach is lost business.
5. The report recommended healthcare organizations implement encryption and endpoint security, as the startup costs of these efforts will be prove less expensive than a data breach.
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