Medical professionals have always protected their obligations to patient confidentiality. But when security falls short, their privacy measures become inadequate by default. The considerable lack of investment in cybersecurity makes healthcare payers and providers vulnerable to costly breaches and puts their reputation at great risk. Costs include civil as well as criminal penalties. Costs continue to grow as the organization rebuilds records and attempts to restore confidence in their brand.
A stolen credit card is worth less than $1 on the black market, a stolen medical record can be worth as much as $40 or more. So as cybercriminals attempt to steal millions of health records, consumer confidence in healthcare companies continues to decline. Cybersecurity is a fundamental frontline service that requires more attention and increased investment in healthcare. Healthcare payers and providers must take action to increase security and prevent breaches that affect millions of healthcare consumers.
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