Industry Spotlight: Healthcare – Budgeting for Cybersecurity

The healthcare industry has traditionally been slow to respond and has lagged behind other industries when it comes to cybersecurity. However, within the past year, cybersecurity budgets have increased, new technology has been purchased, and healthcare organizations are getting better at keeping their networks secure. Organizations are no longer questioning whether or not cybersecurity is worth the investment. The new frustration is finding the right program for investment.

Aligning goals with strategy

The common goals of healthcare are aimed towards establishing data security, privacy, and continuity of operations while maintaining regulatory compliance. There is a lot more to lose than just monetary HIPAA compliance penalties due to a breach. Reputation loss, downtime, identity theft protection for victims, litigation and ongoing scrutiny can cause business-altering effects.

Due to the high worth of social security numbers, patient records, credit information, intellectual property and research, healthcare organizations are a high value target for cyber criminals. In fact, the latest Beazley Breach Insights Report confirms healthcare is the most targeted industry sector, accounting for 41% of all breaches. Across all industry sectors, hacking and malware attacks were the most common cause of breaches, accounting for 47% of all incidents1.

What solution will protect against breaches while allowing us to achieve our goals?

Unfortunately, there is not a single solution that can solve all cyber related risks. If there was, hackers would probably figure out how to break through that too. A layered approach involving a combination of technologies, policies, and awareness is the best way to invest in cybersecurity. One of these layers includes a proactive threat detection platform. This platform will allow your organization to respond in real-time to known and unknown threats before they become business disrupting events.

Real-time threat intelligence will allow for a more thorough assessment of security incidents. Healthcare organizations can make informed decisions on how to deal with IT incidents. With the right insight and context, an organization can anticipate and prepare for threats. In the case of breaches, they can quickly remediate them. With experts monitoring your network 24/7, you will increase your chances of detection and decrease your risk. Traditional antivirus will not detect unknown threats until it’s too late.

We recognize the complex and evolved threat landscape burdening the healthcare industry. We want to find the best investment to protect your organization against these risks. Our dedicated security experts will help you assess risks, address known gaps and build a proactive cybersecurity program that meets rigorous regulatory requirements. Contact us today to learn more.

 

1 Data posted By HIPAA Journal on Mar 7, 2019

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