In the transition to information being kept digitally, there has been an increase in the amount of personal information that has been leaked to third parties. Leaked information can be harmful to not only the patients whose information is compromised, but also for the providers who have to deal with the backlash of leaked data. Sadly, this is a common occurrence, but what is the true cost of data breaches? It’s time for blockchain health solutions.
Overall, data breaches cost an average of $6.5 million, and have also been linked to increases in monthly mortality rates in hospitals. The monetary cost of data breaches continues to affect hospitals after the initial breach, with 67% of costs incurred during the first year after a breach, 22% after the second year, and 11% in the following years.
Businesses don’t just suffer monetarily when data is breached, their reputations are affected as well. When information is leaked, consumers are less trusting of businesses and the reputation damage can be irreversible at times. In order to recover from data breaches, companies spend an average of 5% of their revenue and spend years trying to regain the trust of their consumers.
To combat this cost, many companies are opting to adopt blockchain applications which aid in the security of information and make it more difficult for data breaches to occur. Learn more about blockchain health applications and how they can solve data breach issues in the infographic below: