Considering the value and breadth of data collected and contained in patient records, shrinking financial budgets, growing insurance premiums, and federal regulations (that may or may not require implementation), CIOs arguably have the hardest jobs in healthcare today.
An Industry at Risk
An industry benchmarking report ranked healthcare’s cybersecurity preparedness behind that of the finance, retail, and energy industries. And, both Moody’s and Becker’s Hospital Review report businesses in the healthcare industry are most at risk and have the most to lose from a week approach to information technology.
Moody’s compares cyber attacks to a natural disaster within a healthcare organization and concludes that the threat of such attacks could begin to play a role in an institution’s credit ratings. As professionals, you advise patients to take a proactive approach to their health. You encourage proper diet, exercise, well-visits, etc. As technologists, we advise the same.
By the Numbers
The cost of a cyber attack on the average hospital is $3.5 million, but according to an HIMSS survey, 46 percent of hospitals spend less than $500 thousand annually on cybersecurity. A PwC analysis put these numbers in a more micro perspective: While a data breach can cost a business $200 per health record, about $8 is spent protecting that record.
Allotting additional expenditures to enhance cybersecurity measures in healthcare organizations is necessary. However, while cybersecurity budgets have increased in recent years, according to a Southern Methodist University survey, cybersecurity accounts for less than 10 percent of budgets for most healthcare organizations.
At Mindcore, closing this gap is an integral part of what we do, and discipline, efficiency, and alignment all play a critical role.