Sometimes looking at issues from outside a healthcare perspective can be illuminating. This is especially true as your healthcare clients interact and partner with an increasingly diverse group of vendors and organizations. An NTT Communications report brings new emphasis on how important it is for organizations of all types to understand the cost of security breaches.
The report —2016 Risk: Value Report — covers research conducted during October and November 2015 on 1,000 business decision-makers (non-IT) across the U.S., U.K., Germany, France, Sweden, Norway, and Switzerland. The report found:
Perhaps one of the most interesting questions included in the survey addresses the internal effects of a data breach. According to respondents surveyed those effects include:
External impacts included loss of customer confidence (74 percent), damage to reputation (65 percent) and financial loss (55 percent). While 72 percent of respondents indicated it would take an organization longer than a week to recover from a breach, on average it would take 14 weeks to see full recovery.
The insurance coverage section of the survey might be of the most use to you and your healthcare clients in starting a conversation around insurance preparedness in case of a breach. The report found that even though financial loss was a significant risk, most organizations were not mitigating these losses through insurance policies. Respondents indicated that:
According to Christopher Camejo, director of threat and vulnerability analysis, NTT Com Security, “This report makes it clearer than ever how critically important it is for organizations to implement a comprehensive solution to protect their data. Fortunately, business leaders are now recognizing the risk to their organizations’ revenues and reputations, and beginning to take action to protect critical and confidential data from attacks.”