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Data breaches are increasing in frequency and cost across the globe, posing serious threats to the healthcare industry.
Impact Of Medical Data Breaches
- Data breaches increase a hospital’s 30-day mortality rate
- Data breaches cost $6.5 million on average, or $429 per patient record
- 67% of costs incurred during first year following a breach
- 22% after second year
- 11% in the following years
- Cost is directly related to:
- Legal, technical, and regulatory functions
- Patient notifications
- Breach detection and response
- Lost business caused by:
- Reputational damage
- Loss of consumer trust
- Downtime
- Complexity of criminal cyberattack resolution
- Duration of consequences
- Legal, technical, and regulatory functions
- Small- to medium-sized healthcare organizations spend 5% of annual revenue, or $2.5 million, to recover
The healthcare industry has unique security vulnerabilities that make it a lucrative target for hackers
Security Vulnerabilities In Healthcare
- Old medical devices are made by companies no longer in business
- Old software has gaping security holes
- Implanted, inter-connected devices are hackable
- Human errors increase risk of breach
- Hospitals are unaware of which systems run on the devices they use
- Hospitals focus on protecting patient privacy, rather than cybersecurity
- Organizations lack full-time cybersecurity employees
- Providers lack awareness and resources
- Unpatchable devices and lack of funds to update equipment may force hospitals to use vulnerable devices
- Tension between cybersecurity experts and doctors
- Cybersecuriy experts create a patch, but doctors don’t install the update
- Physicians believe cybersecurity experts have an exaggerated response to threats that cause delays in treatment
Blockchain — a distributed ledger for recording transactions and tracking assets — has many promising applications in healthcare
Blockchain Applications
- Wearables and Remote Monitoring
- Devices may monitor:
- Blood pressure, pulse, sleep apnea, narcolepsy, epileptic seizures, and diabetes
- By incorporating blockchain:
- Every wearable is linked to a patient hub containing all patient health records
- Health professionals have access to real-time patient data
- Patients may receive highly-precise and personalized care
- Access to patient data will prepare paramedics to accurately treat a patient when they arrive on the scene
- Benefits of blockchain-powered wearables:
- Reduced complexity and cost
- Reduced errors
- Enhanced security
- Proven resilience
- Shared trust transactions
- Creation of an audit trail
- Enhanced transparency
- Devices may monitor:
- Telehealth
- Risks of telehealth:
- Stem from lack of security controls over the collection, use, and sharing of data
- Sensitive data may be shared with advertisers and other third parties
- By incorporating blockchain:
- Medical records are stored in secure, fragmented systems
- Providers have access to a more complete patient history
- Benefits of blockchain-powered telehealth:
- Seamless exchange of data
- Increased consumer confidence in the system
- Both the patient and provider have a copy of the ledger
- Risks of telehealth:
- Gamification
- Gamification strengthens focus, orients patients towards their goals, and creates learning opportunities
- Patients are rewarded with cryptocurrency tokens for healthy behaviors, such as:
- Attending doctors’ appointments
- Completing surveys
- Taking medication
- Following doctor’s orders
- Benefits:
- Improved health outcomes
- Minimized losses for healthcare providers
- Health Data NFTs
- Use of non-fungible tokens to secure individual’s health record could increase security, preventing instances of identity theft and fraud
- Benefits
- Patients gain more control of their data
- Potential profit from sharing data with 3rd parties
- Providers could be sure the data is genuine
Many established and startup companies are exploring opportunities to improve services and transactions in healthcare using blockchain
Companies Exploring Blockchain In Healthcare
- Chronicled
- Created the MediLedger Network which combines a secure peer-to-peer messaging network and a decentralized blockchain network to bridge the gap between trading partners
- Features:
- Business rule enforcement
- Privacy first design
- Secure real-time messaging
- Access to industry master data
- Curisium
- Uses blockchain to offer a platform for rebate negotiation and contract management
- Enables providers and payers to participate in innovative contracting arrangements that are both efficient and secure
- Recent acquisition by HealthaVerity led to increased customization and seamless automation of workflows
- Ever (Ever Medical Technologies)
- Blockchain-built platform offers integrated but modular suite of software with the following features:
- Secured and trustless data exchanges
- Big data collection and analysis
- Machine learning- and artificial intelligence-powered tools and features
- Blockchain-built platform offers integrated but modular suite of software with the following features:
- Patientory
- Offers patient-centric applications and services with the following features:
- Up-to-date patient histories and data
- Pandemic tracking and reporting
- Secure communication with verified healthcare personnel
- Offers patient-centric applications and services with the following features:
Organizations that recognize the power of blockchain and begin to explore ways to incorporate it into daily processes will set themselves for a more secure future
Find your path to blockchain.
Sources:
https://www.theverge.com/2019/4/4/18293817/cybersecurity-hospitals-health-care-scan-simulation
https://healthitsecurity.com/news/data-breaches-cost-healthcare-6.5m-or-429-per-patient-record
https://www.ibm.com/topics/what-is-blockchain
https://www.healthcareitnews.com/news/how-blockchain-can-protect-telemedicine-programs
https://www.nasdaq.com/articles/incentivizing-healthy-behaviors-blockchain-technology-2018-02-16
https://thehealthcareblog.com/blog/2021/03/09/your-health-data-may-be-a-nft/
