The Real Cost of Healthcare Data Breaches

The Real Cost of Healthcare Data Breaches

 

Available On Demand
Duration 60min
Speakers
Wendy Schuchart
Editor and Moderator
InformationWeek Healthcare
Wendy Schuchart
Wendy Schuchart is a technology journalist with more than a decade of experience in enterprise IT. Most recently, Schuchart was the senior site editor of TechTarget's CIO Media Group. She has also served as section editor for UBM's Network Computing and Secure Enterprise. Connect with her on Twitter @wendyschuchart.
Mac McMillan
CEO
CynergisTek, Inc.
Mac McMillan
Mac McMillan is co-founder and CEO of CynergisTek, Inc., a firm specializing in the areas of information security and regulatory compliance in healthcare. He is the current Chair of the HIMSS Privacy & Security Policy Task Force and was recognized in 2012 as a HIMSS Fellow. Mr. McMillan brings over 30 years of combined intelligence, security countermeasures and consulting experience to his position from both Government and private sector positions. He has worked in the Healthcare industry since his retirement from the federal government in 2000 and has contributed regularly to organizations such as HIMSS, HCCA, AHIA, AHIMA, AAHSA, HFMA and AHLA and contributes regularly to the thought leadership around data security in healthcare. He served as Director of Security for two separate Defense Agencies, and sat on numerous interagency intelligence and security countermeasures committees while serving in the US Government. McMillan is the former Chair, HIMSS Information Systems Security Working Group, and the HIMSS Privacy & Security Committee. He sits on the HIT Exchange and HCPro Editorial Advisory Boards, as well as the HealthTech Industry Advisory Board. He has contributed to more than 300 articles and postings in Healthcare IT magazines, healthcare IT blogs and other healthcare newsletters, etc. He presents regularly at conferences and other events, and was a contributing author to the HIMSS book, Information Security in Healthcare: Managing Risk. Mr. McMillan holds a Master of Arts degree in National Security and Strategic Studies from the U.S. Naval War College and a Bachelor of Science degree in Education from Texas A&M University. He is a graduate of the of the Senior Officials in National Security program at the JF Kennedy School of Government at Harvard University and a 1993/4 Excellence in Government Fellow. He is retired from the U.S. Marine Corps.

A data breach is every healthcare IT executive's worst nightmare. First, there's the cost -- the average cost of a breach in the U.S. is over $5.4 million -- from the fines issued according to HIPAA regulations to the damaged reputation. What's more, recent legislative changes give the Office for Civil Rights great authority in enforcing financial penalties. Then there's the less visible expenses to a data breach that represent the true cost of security mishaps. For example, the costs associated with response and clean up can reach hundreds of thousands of dollars. At an average cost of $233 per record, any sizeable breach can result in immediate and substantial losses.

In this presentation, IT security veteran, Mac McMillan will analyze the security costs associated with a healthcare data breach and describe its impacts on a healthcare organization’s top-line revenue. McMillan will also provide guidance on determining the appropriate approach to security and the formula for identifying the financial costs associated with security incidents, which is invaluable to IT professional tasked with protecting sensitive data.

  • Learn how prevalent breaches are in the healthcare industry and why most security and privacy programs aren't enough
  • Identify that total financial costs associated with an incident
  • Understand the costs of security viruses
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