The goal of healthcare is to keep us safe, not put us in danger. The harsh reality is that data breaches in this industry are at unprecedented levels, compromising tens of millions of medical information and putting consumers’ finances in significant danger.
The records of 42,431,699 people were exposed or improperly released throughout the course of the previous 12 months, from July 2021 to June 2022, according to research published in the HIPAA Journal. “Data breaches have been recorded at significantly over the 12-month average of 57.67 breaches a month during the last two months.”
There are several justifications for wanting someone’s records, he said. Several of these use social engineering techniques, but medical fraud also offers many opportunities.
With an expected 32 million HSAs in the US in 2022, totaling more than $100 billion, this presents a lucrative target for criminals, a nightmare for victims, and a significant financial burden on providers. For healthcare organizations that violate regulations, the average financial effect of penalties and related expenses might approach $10 million.
The reputational damage, he continued, “is by far the highest expense, but those are the money costs.” “Consider today’s healthcare. More consumers are involved than before.
As a result, healthcare is more commoditized than ever before, and patients are starting to think more like paying customers. In addition to paying the fines, healthcare providers who don’t consider data security as mission-critical are now more likely to lose the partnership as well.
