Why does the cost of healthcare in the United States continue to escalate? One reason is the high cost of protecting against data breaches and insurance to mitigate the risk of potential fines.
Of course, it’s crucial that every healthcare provider, health plan, clearinghouse, and business associate take data security seriously. All stakeholders must do their part to prevent unlawful access—whether unintentional or intentional. But ever-increasing fines are driving up the costs of healthcare for all of us.
My company never stores unencrypted data, does not allow remote access to our computer systems and uses keystroke tracking software to monitor what our employees are doing. Despite these precautions that go well beyond what’s required for minimum protection, our cybersecurity insurance tops $17,000 a year.