Cost of data breaches in 2015 surpasses overall federal IT investment

[Audrey McNeil <audrey () riskbasedsecurity com>]

http://www.beckershospitalreview.com/healthcare-information-technology/cost-of-data-breaches-in-2015-surpasses-overall-federal-it-investment.html

For all the money invested into digitizing medical records since 2009's
HITECH Act, an equal amount has been paid in 2015 alone to mitigate data
breaches and the heightened risk of having those records digitized, finds
an Indianapolis Business Journal report.

Since the HITECH Act was passed, the federal government has spent nearly
$30 billion in incentives to encourage digital records. Along with that
project came the risk, and the actual issues, of data breaches and
cyberattacks.

This year, the healthcare industry has shelled out approximately $37
billion to handle cyberattacks and security breaches. IBJ sites a report
from the American Action Forum that projects the total cost of Anthem's
breach fallout alone will cost more than $31 billion, using the Ponemon
Institute's estimated cost of $398 per stolen record.

"Widespread of use electronic medical records could bring beneficial change
to the healthcare system in a variety of ways, largely because they are the
foundational piece to many technologies and analyses that could change
healthcare delivery," Tara O'Neil, healthcare policy analyst at the
American Action Forum, wrote in the report. "Unfortunately, these advances
come with significant costs, both financially and in terms of personal
privacy."

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