Data breaches are a major deadlock for the medical fraternity. The cost of data breaches in the healthcare industry often exceeds the cost of credit frauds and crypto-jacking. Hence, it is integral to facilitate digital transformations across the healthcare industry to protect patient data. The use of digital identify verification technologies such as facial recognition and fingerprinting is gathering popularity. The vulnerability of usernames and passwords to cyber intrusions necessitates the development of digital identify verification platforms. The need to prevent impersonation of patients by cyber criminals also mandates the use of improved security technologies.
Increasing Toll of Data Breaches
The healthcare industry is required to verify the credentials of the patients while admitting them. Furthermore, digital vetting of the credentials and biometrics is also a necessity across this industry. The healthcare industry has suffered over 2,550 data breaches in the last decade. Moreover, over 175 million medical records have been compromised over the same time period. Henceforth, the healthcare industry needs urgent cyber security measures to avoid losing large-scale revenues to data breaches.
Growth of identity theft incidents and dark web has irked the healthcare industry. This trend has empowered cyber criminals, and has had adverse repercussions on patients, healthcare companies, and insurers. Cyber criminals impersonate patients to extort money form insurance companies. Furthermore, reimbursements for prescription drugs and government schemes can also be accessed by cyber criminals. Hence, the consequences of a breach in healthcare records can be abysmally damaging.
Lessons from the Financial Sector
The healthcare industry can draw inspiration from the financial sector in improving data security. The latter follows ‘Know Your Customer’ regulations to differentiate real customers from fraudsters. The regulations involve identity management of customers, maintenance of prohibited watch lists, and other similar steps. By following these regulations, the healthcare industry can identify and counter threats coming from cyber criminals.