Proven Strategies for Managing Vendor Risk in Healthcare

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It is no surprise that healthcare information has become highly coveted by criminals. With the amount of personal information individuals provide to their doctors and the growing amount of information being held in digital form, hackers have set their sights on targeting the healthcare industry. In fact, according to the Fifth Annual Benchmark Study on Privacy & Security of Healthcare Data conducted by the Ponemon Institute, criminal attacks have become the number one cause of data breaches in healthcare. These type of attacks are up 125% compared to just five years ago.

Healthcare organizations and their third-party service providers (business associates or BAs) are not immune from data breaches, as we saw in 2015. According to the research, 65% of healthcare organizations along with 87% of their BAs have experienced a security incident over the past two years. With the average cost of a data breach ranging from $1 million for BAs and over $2.1 million for covered entities (CEs), it is vital to raise the importance of security of protected health information (PHI) especially when it comes to managing vendors.

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