Data breaches are notorious for the financial, legal, and reputational damage they can inflict on an organization and its customers. The unintentional exposure of a social security number or financial information raises the risk for identity theft and increases organization vulnerability for lawsuits, fines and lost business.
These risks are especially troubling for healthcare providers, since data breaches in this sector are up 32 percent since 2010, according to a new benchmark study by the Ponemon Institute. And healthcare data breaches are expensive, costing the industry an estimated $6.5 billion.
At the same time, Moody's reports that the median revenue growth rate for hospitals is only 4 percent, its lowest in 20 years, and long-term revenue growth is expected to decline.
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