The cost of IT security
McMillan, M.
Healthcare Financial Management Journal of the Healthcare Financial Management Association 69(4): 44-47
2015
ISSN/ISBN: 0735-0732 PMID: 26665523 Document Number: 679018
Breaches in data security have become commonplace in health care, making IT security a necessary cost for healthcare organizations. Organizations that do not invest proactively in IT security face a significant risk of incurring much greater costs from incidents involving compromised data security. Direct costs of security breaches include the costs of discovery, response, investigation, and notification and also can include state or federal penalties and costs of compliance with corrective action plans and resolution agreements. Hidden costs can include damage to brand, loss of consumer confidence, reduced HCAHPS scores, and--by extension--reduced value-based purchasing payments.