What could HIPAA violation cost your practice?
01 Dec 2015
Most people think a breach won’t happen to them, but did you know that for medical practices or anyone that keeps and stores medical records the chances of a HIPAA breach occurring is not a matter of ‘if’ but ‘when’. Recent studies uncovered that within the last two years 91% of medical facilities have experienced at least one breach. The question that many owners or managers of medical practices do not know is the true cost of a Hipaa violation or breach? Not knowing and being unprepared could cost the business millions.
Why Are Medical Facilities Likely To Have A Breach? Well for one thing, medical records go for 10X more than credit card number on the black market. The other reasons is that the definition of a HIPAA breach can be caused by something as simple as a doctor losing their phone. Based on these two reasons, it is no wonder that breaches are so prevalent in the medical industry.
Yet while highly likely to occur, most medical practices and facilities are ill prepared for a breach. They are unsure of how they would would react or what they would need to do and are unaware of the cost and how they would pay for it if they did have a breach?
The following presentation gives a high level overview of what owners and managers of medical practices need to consider and include in a plan to prior to a breach. If after viewing the presentation you have questions or want to learn how you can better prepare your business then please reach out to us today.