On the other hand, organizations with high levels of compliance failures suffered average data breach costs of $5.65 million – 67.7 percent more than the group with low levels of compliance failure.
The report also found that adding a zero-trust security model, forming and testing incident response plans, and utilizing tools to protect and monitor endpoint and remote employees minimized the average costs of a data breach.
2021 Cost of Healthcare Data Breach – Next Steps
HIPAA regulations have always required healthcare providers, and the vendors who touch PHI to be fully compliant with the law. This report indicates that compliance has far more value than just staying out of the HIPAA doghouse.
Cyberattacks can cripple a business operationally and financially. An effective HIPAA compliance program can minimize the impact of data breaches on your organization. Take a moment to review your compliance strategy to be certain it’s protecting your patients, customers, and future as well as it should.