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Healthcare Industry Exposed To Massive Data Breaches And Big Fines

Healthcare Industry Exposed To Massive Data Breaches And Big Fines

We know that cybersecurity is incredibly important for businesses across all industries. However, it’s perhaps most important in the healthcare industry – the highly confidential information that passes through healthcare systems can include full legal names, home addresses, Social Security numbers, health care provider information, and sensitive medical data.

In August, federal health regulators announced that they reached a $5.5 million settlement with one of the country’s largest healthcare providers whose massive data breach compromised four million electronic patient records. Information that was breached included names, addresses, birth dates, and credit card details – all of which can be used by criminals to carry out fraud.

This year alone, there were over 70 healthcare data breaches reported. These breaches exposed over seven million individuals’ private health records. Due to the nature of the information they deal with, organizations and businesses operating in the healthcare industry must be vigilant and have the best possible cybersecurity. A data breach not only violates patient confidentiality, but organizations can expect to be on the receiving end of some huge fines – sometimes in the millions of dollars. And, according to a recent report, “a significant minority of security professionals still report their [healthcare] systems are not encrypting patient data, a basic defense [against hackers].”

Encryption is an important first step in helping protect sensitive patient information. And for healthcare businesses, it is important to ensure that both patient records and patient payment information is protected. Adding the layered payment security technology of EMV, end-to-end encryption, and tokenization, will help safeguard payment data, which may include legal names, card numbers, and addresses. With these security measures in place, there is no payment data left in the merchant environment for the criminals to steal.

Implementing these payment technologies may sound daunting, but using a semi-integrated payment solution is a simple, secure way to protect healthcare businesses, large and small, from the damaging effects of a data breach. Semi-integrated solutions work with the existing payment systems, but are PCI-compliant, EMV-capable, and should offer more modern ways to pay, like Apple Pay and Samsung Pay. The best semi-integrated solution should also: come with built in advanced payment security technologies, like tokenization and encryption; provide payment analytics and reports for reconciliation; and allow for customization.

A payment solution designed with the healthcare industry in mind, will give hospitals, private practices, and other healthcare businesses a better, more secure way to process transactions – and peace of mind.

Protect your business with a semi-integrated payment solution like MiPoint, MiCamp’s PCI-compliant payment solution – reach out today to learn more.

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