Does your practice have safeguards in place to protect your HIPAA sensitive information? Has your practice participated in security training or conducted a Risk Assessment. Do you have a mitigation plan in place if your practice does experience a breach in your data? These are all important and relevant questions to be asking yourself as a provider moving into the New Year. According to a recent report released by Experian, the potential cost of breaches for the healthcare industry could be as much as $5.6 billion annually in 2015.
Experian’s almanac predicts a stormy forecast is ahead for the healthcare industry as the threats are growing. The report points to many vulnerabilities, the expanding number of access points to protected health information, or PHI, and other sensitive data via electronic medical records and the growing popularity of wearable technology makes the healthcare industry a vulnerable and attractive target for cybercriminals.
“We expect healthcare breaches will increase – both due to potential economic gain and digitization of records. Increased movement to electronic medical records and the introduction of wearable technologies introduced millions of individuals into the healthcare system, and, in return increased, the potential for data breaches,” the report notes. ”Healthcare organizations face the challenge of securing a significant amount of sensitive information stored on their network, which combined with the value of a medical identity string makes them an attractive target for cybercriminals,” the authors add. “The problem is further exasperated by the fact that many doctors’ offices, clinics and hospitals may not have enough resources to safeguard their patients’ PHI. In fact, an individual’s Medicare card – often carried in wallets for doctors’ visits – contains valuable information like a person’s Social Security number that can be used for fraud if in the wrong hands. Currently, we are not aware of any federal or law enforcement agency which tracks data on SSN theft from Medicare cards, but the problem is widely acknowledged.”
The takeaway? Security breaches are a real and increasing threat to the Healthcare industry and taking the proper precautions and implementing security standards, processes and protocols is no longer an option but a necessity. Consult with a security expert today for a Security Assessment and Mitigation Plan at EHR & Practice Management Consultants, Inc. (www.ehrpmc.com) 1-800-376-0212 or firstname.lastname@example.org