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GlobalData urges stronger cybersecurity amid rising healthcare data breaches

February 2024 by GlobalData

In a concerning trend that has sent shockwaves through the healthcare industry, the number of patient records exposed in data breaches doubled in 2023, highlighting a significant and growing threat to healthcare data security. This alarming surge in breaches has raised urgent concerns about the vulnerability of sensitive patient information and underscored the critical need for robust cybersecurity measures to safeguard healthcare data, says GlobalData.

© Christoph Weihs

This sharp increase has been attributed to various factors, including the growing sophistication of cyberattacks, the expanding attack surface due to the digitization of healthcare records, and the increasing value of healthcare data on the black market.
Kamilla Kan, Senior Data Scientist in Medical Devices team at GlobalData, comments: “The repercussions of these breaches extend far beyond the immediate exposure of patient records. Patients impacted by these breaches face significant risks, including identity theft, financial fraud, and potential harm to their privacy and confidentiality. Moreover, healthcare organizations that fall victim to data breaches risk facing severe consequences, including reputational damage, regulatory fines, and legal liabilities.”

According to GlobalData, global cybercrime will reach $10.5 trillion annually by 2025. Tackling this issue requires investment, and GlobalData forecasts that cybersecurity revenues will reach $344 billion worldwide by 2030.

The rise in patient record breaches has sounded a wake-up call for healthcare organizations to prioritize cybersecurity and strengthen their defences against evolving threats. As custodians of vast amounts of sensitive patient data, healthcare providers must adopt proactive measures to mitigate the risk of breaches and protect patient privacy and security.
Kan concludes: “Ultimately, the surge in patient record breaches underscores the urgent need for a proactive and holistic approach to healthcare data security. As the healthcare industry continues to embrace digital transformation, it is imperative that stakeholders across the ecosystem work together to fortify defenses, mitigate risks, and safeguard the privacy and security of patient data. Only through concerted efforts and collective action can we ensure a future where healthcare data remains safe, secure, and protected from exploitation.”

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