Data breaches can have long-term financial consequences on healthcare organizations, a Frost Radar report finds.
In the "U.S. Healthcare Cybersecurity Market 2020" report, researchers said that the cybersecurity market is poised for aggressive growth after the COVID-19 pandemic as data breaches surge. Their findings suggest that poor cybersecurity can be bad for business as well.
Five things to know:
- More than 90 percent of all healthcare organizations reported at least one security breach in the last three years.
- Sixty-one percent of healthcare businesses acknowledged they don't have effective mechanisms to maintain proper cybersecurity.
- Most hospitals spend around 64 percent more on advertising in the year after a data breach.
- Cyberattacks on revenue cycle management platforms disrupt claims and reduce the quality of STAR rankings.
- A decreased STAR ranking results in lower insurance reimbursement and patient footprint.
To read the full report, click here.
More articles on cybersecurity:
Nearly 30% of cyberattacks on hospitals in 2020 were ransomware, report finds
Email hack exposes 45,000 patients' data at Covenant HealthCare
Top ransomware group profits more than $123M in 2020 + 3 other report findings