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5 Steps to Estimate Potential Costs of a Data Breach

Health Information Technology

The American National Standards Institute, The Santa Fe Group/Shared Assessments Program Healthcare Working Group and the Internet Security Alliance have announced a collaborative report which provides information for healthcare organizations to better understand and limit data breach risks and liabilities. According to the report, healthcare organizations can take immediate action against data breach risks using the Protected Health Information Value Estimator, a five-step method for assessing security risks. The five steps include:

1. Conduct a risk assessment: assess the risks, vulnerabilities and applicable safeguards for each "protected health information home;"
2. Determine a security readiness score for each PHI home by determining the likelihood of a data breach based on the security readiness score;
3. For each PHI home, examine the relevance, either applicability or likelihood, of a particular cost and apple a relevance factor;
4. Determine the impact by multiplying the relevance by the consequence;
5. Add up all adjusted costs to determine the total adjusted costs of a data breach to the organization.

For more information and to download a free copy of the report, click here.

More Articles on Data Breaches:

Report Provides Characteristics of Data Breach Vulnerability
IU Health Goshen Data Breach Affects 12k Job Applicants
Lexington Clinic in Kentucky Notifies 1,000 Patients of Data Breach

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