As time goes on, data breaches are becoming more common, thus leading to higher costs and frequencies. This increasing problem has posed serious threats to the healthcare industry. On average, data breaches cost $6.5 million with a cost of $429 per patient record. This breach will forever have a financial impact on the healthcare system as 67% of costs are incurred after the first year, 22% after the second year, and 11% in the following years. Though these percentages increase as time goes on, the damage does not decrease.
These costs are directly related to legal, technical, and regulatory functions while several healthcare systems lose business because of the damage to their reputation and a loss of trust by consumers. Small to medium-sized healthcare businesses spend 5% of their annual revenue to recover from these attacks on their data. Healthcare systems are an easy target for hackers based on the vulnerability that they present.
Blockchains are seen as a large benefit in the healthcare industry as they are used to securely transfer patients records. The application of blockchains in medical devices include wearables and remote monitoring, telehealth, Gamification, and Health Data NFTs. Many start-up companies are exploring different ways to use the blockchain in the healthcare business. Those who are able to fully acknowledge the power of blockchains are securing themselves for a safe future in the healthcare industry. Learn more about healthcare on the blockchain in the infographic below: