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How much does a data breach really cost?

How much does a data breach really cost?

We really don’t want to scare organizations, but this is a real problem and we feel this must be disclosed. A data breach costs an organization on many different levels. The cost of notification, credit monitoring, remediation, then comes fines and penalties if you do not have reasonable and appropriate safeguards in place based on the size of your organization.

Earlier this year we had estimated the cost per patient record to be $380, according to the Ponemon Institute, they are estimating this cost has risen to $429 per patient record. If you can’t determine which records were breached, then you must notify all of your patients. This is where the massive costs are generated. Of course, the sooner you discover the breach the less it will cost you. This is why audit log monitoring is so important. If you are monitoring who and what is going on in your network, you can prevent a breach or at least stop a breach before it becomes a major breach (over 500 records).

Audit log monitoring is very time consuming and nearly impossible to do on your own. We recommend monitoring your logs from different sources, starting with your EHR. This is where most of your patient data resides and this needs to be protected. Aris works with a company in California that offers EHR audit log monitoring. They have developed a system that will send out email alerts when suspicious activity occurs.

We also recommend monitoring your logs from your firewall or domain controller. This is even more complex and again we recommend utilizing a third party. Aris has partnered with a nationally recognized network security company that can assist in this area as well. We understand that cost is very important to our clients and that is why we have selected these particular companies. They are reasonably priced and offer outstanding service. Let us know if you would like more information from either of these companies.

Keep safe out there on the World Wide Web aka the Wild Wild West!

If you would like more information, contact us at 877.659.2467 or complete the contact us form.

About Suze Shaffer

Suze Shaffer is the Owner and President of Aris Medical Solutions, a healthcare compliance company dedicated to simplifying HIPAA compliance. Through its online compliance solution, the HIPAA Keeper™, Aris Medical Solutions provides healthcare providers and business associates with the tools, documentation, training, and expert guidance needed to achieve and maintain HIPAA compliance.

Through the HIPAA Keeper™, Aris has assisted organizations nationwide with conducting risk analyses, developing risk management plans, implementing HIPAA Privacy and Security policies and procedures, and strengthening safeguards for protected health information. Aris Medical Solutions also considers applicable federal and state privacy and security requirements to help clients build a more comprehensive compliance program.

Suze is also a speaker and has presented at numerous conferences and professional events on HIPAA compliance, cybersecurity, risk management, and data breach prevention. Helping organizations understand their responsibilities and identify vulnerabilities before they result in a breach, audit, or investigation. She believes effective compliance begins with education. By helping organizations understand not only what they are required to do, but why those safeguards are important, organizations are better prepared to protect patient information and reduce their compliance risks.

At Aris Medical Solutions, the mission is simple: “Simplifying HIPAA” through education, expert guidance, and the HIPAA Keeper™, Aris Medical Solutions helps organizations turn complicated compliance requirements into a manageable, ongoing process.

The information provided reflects regulatory requirements and guidance available at the time of writing and is intended for educational purposes only. It should not be considered legal advice.

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