Data breaches are the nightmare of every major industry. When they occur, the aftermath costs of fixing the problem can be huge. According to a global study conducted by IBM and Ponemon Institute, in 2017 the cost of a data breach that occured in a major company averaged $3.62 million.
The healthcare industry suffers the highest toll in terms of the cost of breaches, being about $380 per single compromised patient record, which is 2.5 times the global average when compared to other industries.
The other major issue with healthcare is that it is a heavily regulated industry in terms of privacy, and for good reason. Personal healthcare information, along with all of the other data therein (birthdates, social security numbers, payment data, etc.) should be some of the most highly protected information on the planet, according to Jack Liu, CEO of ALLIVE, an intelligent healthcare ecosystem based on blockchain technology that provides encrypted health profile, personal AI doctor and comprehensive healthcare services.
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