Why should Healthcare organisations be investing in their cybersecurity?
The healthcare industry finds itself at the forefront of a persistent and evolving threat landscape. A critical concern is the rising incidence and cost of healthcare data breaches, making it imperative for healthcare organisations to fortify their defences through advanced cybersecurity measures.
Healthcare data breaches are among the costliest, with the average cost soaring to $10.93 million, significantly surpassing the cross-industry average of $4.45 million. Over the past three years, the healthcare sector has witnessed a staggering 53.3% increase in breach costs, emphasising the urgency for proactive cybersecurity measures. Personal data remains a prime target in healthcare breaches. Customer and employee personally identifiable information (PII) are the top two stolen data types, followed by intellectual property, anonymised personal information, and other corporate data such as earnings information and client lists. The high value attached to healthcare data makes it a lucrative target for cybercriminals.
We advise our clients in the healthcare industry to analyse the storing environments for their clients' data. We believe security should lead any digital change organisations, especially within the healthcare industry - this was imperative in the projects we completed for Cumbria Health on Call and Norfolk and Norwich University Hospitals in their digital transformation journeys.
Data stored across multiple environments poses the highest risk, with the highest total breach costs compared to singular storage methods like public cloud, private cloud, or on-premises storage. The time required to detect and contain a breach in a multi-environment setup averages 291 days, emphasising the need for swift and effective security measures. Healthcare organisations should be increasingly turning to security AI and automation. Currently, 70% of healthcare entities utilise these advanced technologies, reflecting an 18.6% growth rate since 2020. The deployment of AI and automation leads to substantial cost savings, with organisations benefiting from reduced breach costs amounting to $3.05 million compared to those without such defences.
With vast amounts of sensitive patient information under their care, we advise healthcare organisations to implement robust digital security measures to safeguard against breaches and the potential fallout of identity theft and fraud. Adherence to regulatory standards, such as HIPAA, is critical. Non-compliance can lead to significant penalties, making investment in digital security essential for maintaining regulatory compliance and stakeholder trust.
Given the increasing prevalence of ransomware attacks, these organisations must invest in robust backup systems and advanced threat detection to mitigate the risk of disruptions to patient care. Although healthcare time and budgets are already stretched, cybersecurity incidents lead to substantial disruptions in healthcare operations, emphasising the importance of investing in digital security to ensure the continuity of patient care and operational efficiency. A data breach can have lasting effects on the reputation of a healthcare organisation as beyond regulatory penalties, the financial implications of a data breach can be substantial. Trust is paramount, and failure to invest in robust digital security measures can lead to a loss of trust among patients, stakeholders, and the public.
In conclusion, the escalating frequency, complexity, and cost of healthcare data breaches necessitate a comprehensive strategy for healthcare organisations. The adoption of a zero-trust approach, coupled with the integration of security, AI and automation, is no longer a luxury but a fundamental component of safeguarding patient data, ensuring regulatory compliance, and protecting frontline services. The return on investment is evident, making advanced cybersecurity measures an essential element of any healthcare organisation's overarching strategy.
With the right tools and skilled workers, the healthcare industry can make significant strides toward better data protection. As healthcare data remains a valuable target and threats show no sign of slowing, the industry must adapt accordingly, embracing advanced cybersecurity measures to secure the future of patient care.
Secure your business:
At Ingentive, we recognise the paramount importance of comprehensive security. We implement a "Defence in Depth" strategy, which layers security measures across your infrastructure, bolstering your defences at every level. We embrace the principles of "Zero Trust," where trust is never assumed, and rigorous identity management plays a pivotal role.
Our commitment to contextual identity management ensures that access to your digital resources is based on real-time, situation-specific factors, minimising security risks. We rely on Microsoft's robust security solutions, such as Microsoft Sentinel, to provide holistic and forward-thinking protection. With Ingentive as your cybersecurity partner, you can trust us to navigate the intricate landscape of digital security, crafting a secure and resilient future for our clients. Together, let us fortify your digital boundaries and safeguard your digital assets in this ever-evolving digital era.
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Our team are specialists in implementing and hosting secure systems for businesses, yet we understand that each business is different and has different needs and goals. We are uniquely placed as a Microsoft FastTrack Ready Partner that are able to diagnose your organisation's digital processes, using your use cases. From this understanding, we create tailor-made solutions that suit your business needs. And that's not all! Not only do we implement Microsoft tools, but we use them internally too - ensuring that Ingentive know from experience, the positive effects of utilising these solutions.