Maintaining global privacy and security compliance in the healthcare industry is challenging—and expensive. There are more than 20 global privacy laws, and they are constantly evolving, with 65% variation across geographies. And the stakes are high: the average cost for a healthcare organization data breach lands at around $10M.
To drive value in a tech-saturated healthcare market, companies must be able to offer digital solutions that deliver personalized experiences while safeguarding customer privacy. And those who fail to build trust through proper privacy and security measures while developing personalized services will lose out. This makes data security more important than ever.
Balancing privacy and personalization is critical—and it’s also becoming increasingly demanding for companies. In 2020 there was a 25% increase in healthcare data breaches. This is more than twice the number of data breaches than were reported six years ago and three times the number of breaches reported in 2010.
And the road to staying compliant is only getting more challenging, for a few key reasons.
Consumers are taking more control over the data they share as they become more aware of how companies are using their data, their own data rights, the frequency of breaches and the consequences of them. Apple and Android are giving users the option to opt out of being monitored by apps—an option 95% of users are taking advantage of.
Global privacy laws are becoming more stringent, with liability for privacy violations becoming more costly—and in some cases, more personal. The integration of AI will only ensure more regulations on the horizon.
As the opportunity rises for increasingly complex breaches, it’s met with the possibility of increasingly hefty fines. Amendments to privacy legislation in Australia, for example, will have companies facing up to $50 million in fines for major data breaches.
A French court recently ruled against Ikea France for breaching data privacy of employees and customers, resulting in fines for the company and suspended prison sentences for the two convicted IKEA executives.
If a growing labyrinth of regulations to navigate wasn’t enough, scammers are becoming more sophisticated and brazen in their attacks.
This new boldness is creating a hazardous environment for even well-intentioned healthcare and technology professionals. Take the recent flurry of fake Fortune 500 CISO profiles on LinkedIn. These phony identities were part of an elaborate scheme to help scammers land jobs at cryptocurrency firms–and the profiles fooled search engines and actual users alike.
BrightInsight understands the importance of taking proactive measures for securing data. Because we operate in a highly regulated area globally, we take our obligations to protect privacy and personal data very seriously—and we work hard to develop best practices that minimize risks from the start.
With every customer’s product launch, BrightInsight builds digital solutions that prioritize privacy, security and architecture—all by design, and for the whole product lifecycle—which allows us to offer a solution that flexes for our clients as they launch in various global markets.
BrightInsight also holds many privacy-related certifications to ensure compliance with global laws and regulations, including ISO 27001 and 27701, HDS, HITRUST CFS and CBPR, and APEC. In addition, our BrightInsight Platform regularly undergoes independent verification of security, privacy and compliance controls, achieving certifications against global standards to earn the trust of our biopharma and medtech customers.
Breaches can still occur even in the most control-heavy environments. This makes it essential for companies to have robust measures in place to minimize the damage. Technical controls used by BrightInsight, such as privacy-friendly architecture with localized hosting capabilities, partial or full data decentralization, data obfuscation, as well as different data and process-oriented strategies, reduce the risk of breaches reaching personal identifiers.
Our entire approach factors in these considerations and ensures compliance with global laws and regulations for privacy while supporting digital health scalability for our customers.
Just remember: staying compliant and secure is a collaborative effort—and data security and consumer trust is attainable when you have the right partner. The BrightInsight Platform is designed to take the hard work out of building, scaling, and maintaining regulated digital health solutions. We equip our customers with the tools they need to protect themselves. With our proactive compliance monitoring, you can stay ahead of the curve as our platform provides regulatory updates and notifications on any impacted products, and implements updates to stay in compliance.
Want to learn more about how to speed time to market while staying compliant and keeping your data secure? Get in touch with us.