Healthcare, Supersizing cyber security investments

Cattura

 

Transnational cyber crime is spreading fast as a new and more potent threat. Since health data is attractive to criminals, it is no surprise that health organizations have experienced a series of highly publicized data breaches resulting in multibillion-dollar settlements. Over the course of 2016, health organizations anticipate greater investment in security, which will nudge up total healthcare spending.

  • Eighty-five percent of large health organizations responding to PwC’s 2015 information security survey had experienced a data breach in the prior 12 months; 29% had experienced more than 50. As a result, 88% said their security spending was either increasing or staying the same in the next 12 months, and 63% intend to spend more than $1 million.
  • The costs associated with health system data breaches are varied, but providers have strong incentives to spend now on cyber security to avoid high costs of future breaches.

 

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Credit: Pwc