Data breaches are a constant threat for those who utilize technology to save important data, like the healthcare industry. Data breaches can be costly, both in terms of life and money; they increase a hospital’s mortality rate and make up 67% of costs during the first year after a breach, 22% after the second year, and 11% in the following years.
These costs could be connected to lost business, legal to regulatory functions, criminal cyberattack resolution struggles, and the consequences that followed the incident.
The healthcare industry is possibly more susceptible to being targeted by hackers as it has unique security weaknesses. Some issues include medical devices that are made by companies no longer in business, unpatchable devices and lack of funds to get new equipment forcing hospitals to use vulnerable devices, and physicians believing cybersecurity experts have exaggerated responses to threats that cause delays in treatment. Thankfully, a solution is available in the form of blockchain, or a public ledger.
Blockchain can be used integrated with hospital technology like wearables or remote monitoring, which helps health professionals quickly get updates on patients’ data, allowing paramedics to properly treat patients on the scene. Benefits of using blockchain with wearables include shared trust transactions, less errors, and better security. Blockchain can also be used with telehealth to make sure medical records are stored in fragmented systems so they are secure and allow medical professionals access to more of a patient’s history while providing smoother exchange of data and increased patient confidence in the system.
Blockchain also allows the healthcare industry access to gamification which can help orient patients towards their goals, create new learning opportunities, and increase focus, resulting in reduced losses for hospitals and better health outcomes for patients. Health data NFTs can provide better data security while reducing the possibility of identity theft. With benefits to healthcare evident, several established and startup companies are exploring ways to better utilize blockchain in the industry. For example, Ever Medical Technologies’ blockchain-built platform offers a software that contributes secure and trustless data exchanges as well as collection and analysis of big data.
Security breaches don’t have to be a serious issue when you recognize the strength of blockchain and incorporate it into your systems.