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Healthcare Costs of Data Breaches in 2015 Surpass Overall Federal IT Investment

Unintended consequences of progress and technology is prevalent in the Healthcare industry. With the move to digital records during this past decade, its widespread use can provide positive changes in the way that healthcare is delivered. But with these advancements comes a downside that has caused the industry to look at data security as a high priority. The number of data breaches in the industry and the associated costs of the breaches have made information security a corporate priority.

To get the medical industry onboard with digital records, the federal government provided incentives to the tune of $30 billion to move the healthcare industry in this direction. This year alone, with the Anthem breach estimated cost to reach $31 billion, the industry has spent $37 billion to deal with the clean-up and aftermath of the breach. And the year is not nearly done. Granted, the final numbers of the Anthem breach have not been determined, but it will be significant.

Security teams know this already, but this is just more proof that data security needs to be a priority. Budgets need to reflect today’s need to secure the data of all businesses in all industries. And a quick response to the problem is the best chance to mitigate damage so it is manageable and organizations can recover quickly from a breach and survive and even thrive.

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