Data Breach Worries In The Healthcare Sector Are Far From Over

People who have been following the string of data breaches affecting the healthcare industry as of late will know new solutions have to be created. With an estimated US$6.2bn in losses, there is no better time than now to start looking beyond the scope of traditional security possibilities.

Healthcare Data Breaches Are Mounting

A quite worrying trend is going on in the healthcare sector, as 90% of all organisations have been the victim of a data breach in the past two years. To make matters even worse, the average “cost” of these hacks is US$2.2m, which quickly adds up to staggering amounts when taking all of the information into account.

Several attack vectors are causing these breaches, ranging from ransomware to lacklustre database protection and insider mistakes.  Coming up with adequate cyber security measures is a costly manner, and with healthcare budgets remaining the same – or declining – it is very difficult to come up with solutions.

If that wasn’t concerning enough, nearly eight in ten healthcare organisations have fallen victim to multiple data breaches in the past 24 months. In fact, close to half of them have been breached five times or more, which paints a very worrisome picture regarding patient data confidentiality and security, to say the least.

As one would come to expect, medical records are attracting a lot of attention from hackers and other Internet criminals. Billing and insurance details are quite valuable as well, and patients are being affected by these data breaches on various fronts. Correcting errors in medical records – which could be life-threatening, mind you – is not something 67% of business partners offer to healthcare organisations. This allows for hackers to impersonate patients and use their records for fraudulent purposes.

Related Post

In the end, there are over 20,000 vacant data security positions open in the healthcare industry, yet these organisations cannot pay top dollar for services due to budget constraints. This lack of security staff will be a continual cause of concern for hospitals and medical practitioners all over the world, and until a solution can be found, data breaches will continue to occur.

Source: Dark Reading

Images credit 1,2

Apple users can now download the app of The Merkle in the App Store!

If you liked this article follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

Share
Published by
JP Buntinx

Recent Posts

MetaMask Proposes Stablecoin Launch, Taps Stripe to Bridge TradFi and DeFi

MetaMask wants its own stablecoin. It’s calling it MetaMask USD (mmUSD). And if the recent…

1 day ago

Spartan, Stake & Betway: Top 2025 Crypto Gambling Prizes

Spartan’s $250K Lambo Challenge Tops 2025’s Crypto Gambling Prize War with Stake & Betway Crypto…

1 day ago

SharpLink’s Ethereum Accumulation Hits High Top With Staking Strategy

SharpLink is leaning hard into Ethereum. They buy. They stake. They hold. Ethereum currently trades…

2 days ago

Cardano Price Prediction: Is a Return to $2 Imminent or Just a FOMO Fantasy?

After months of consolidation, Cardano (ADA) is regaining investor attention thanks to renewed forecasts projecting…

3 days ago

Bitcoin and Ethereum Whales Quietly Accumulating—What Does This Mean for the Market?

Whales are back—and this time, they’re not making noise. Despite the relative calm in prices,…

3 days ago

Daily Token Creation on Base Surpasses Solana, How It Happened 

Daily Token Creation on Base Surpasses Solana. Driven by SocialFi on @zora, Base sees over…

3 days ago