Cybersecurity is gaining more attention, particularly following several high profile breaches this year. While preventative measures represent a significant investment, this cost is outweighed by recovering from a breach, according to PwC's Behind the Numbers, 2016 report.
Cybersecurity prevention costs: $8 per patient record
• Risk assessment and management
• Security controls
• Monitoring and detection
• Forensics and insurance
Breach costs: $200 per patient record
• HIPAA fines
• Legal fees
• Lost business due to reputational damage
• Customer restitution and credit monitoring services