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Reputational Damage -The REAL cost of a data breach.

Reputational Damage is something that few people take into account.  I hear a lot of other people in my field speaking and writing about data breach costs. Nearly every article, post, and presentation measures this in dollars. While dollar cost to the practice is certainly the primary concern of owners and managers. The total is generally measured by fines that your practice might face.

I want you to look at the final dollar figure not as fines but as people. Not just the people whose Private Healthcare or Financial information might have been breached but people who have never set foot in your practice, AND NOW NEVER WILL!

Reputational Damage or loss of trust

Reputational Damage Overlooked

Often overlooked or ignored when evaluating risk is the REPUTATIONAL DAMAGE done to the practice by a data breach. A happy customer will likely tell one or two other people, but an unhappy one will tell ten or twenty. This also applies to healthcare, on a daily basis but especially if there is a data breach.

Recent studies have shown that the total final cost for business’s that have a data breach are 41% for loss of revenue and 41% equally for loss of reputation or brand *.  Other informal studies have shown that more than 50% of those surveyed would not seek care from a family practice that had been breached in the past.

Therefore when you weigh the costs of properly securing your PHI and other data.  Always take into account the potential for fines, breach notification, litigation, loss of revenue from lost patients, AND loss of future revenue!  While there is no 100% method to secure your data 100% of the time with 0 risk. It is vitally important to pursue the best possible security program your practice can afford.  Patients you haven’t even met yet depend on it!

*Deloitte 2014 Breach Report

The Internet of Things (IOT) and Your Practice

The Internet Of Things …. It’s the latest term showing up in both tech and regular media. IOT is simply a term that refers to connected “devices” that are not  what we normally refer to as “computers” but communicate with each other. What are Internet of Things Devices IOT devices include TV’s, Blue Ray Players, refrigerators, […] Continue reading →

Creating employee buy-in to the security of the practice

  I have heard it said at various Information Security trainings and conferences that “Your greatest vulnerability as an organization is the employee.”  From an IT security standpoint I cannot argue with that statement in the broad sense. What with unauthorized surfing habits, phishing emails that are opened, malware brought into the system via “Coupon” […] Continue reading →