Why is HIPAA Compliance Critical for You as a Healthcare CEO?
Financial Penalties
Non-compliance with HIPAA regulations can lead to substantial fines for your organization. Violations may result in penalties ranging from $100 to $50,000 per violation, with annual penalties for repeat violations reaching up to $1.5 million.
Data Breaches
Your healthcare organization is a prime target for cyberattacks, such as ransomware and phishing, due to the sensitive nature of medical data. In 2021, 66% of healthcare organizations reported being hit by a ransomware attack. By 2023, the average cost of a healthcare data breach had risen to $10.93 million per incident.
Reputational Damage
A HIPAA violation or data breach can severely damage your organization’s reputation. As a CEO, you understand that losing patient or customer trust can have long-lasting impacts on your brand, lead to decreased patient retention, and negatively affect partnerships and business opportunities.
Achieve HIPPA Compliance
Locktera helps companies achieve HIPAA compliance by providing essential data security features and controls that protect Protected Health Information (PHI) in accordance with the Health Insurance Portability and Accountability Act (HIPAA). HIPAA mandates strict requirements for safeguarding sensitive health data and ensuring privacy, especially for healthcare providers, insurers, and their business associates.
Maintaining data integrity is fundamental to achieving HIPAA compliance.
- Unauthorized Access and Tampering:
Locktera’s encryption and access controls prevent unauthorized access to protected health information (PHI), ensuring only authorized personnel can view or modify data.
- Data Corruption:
With file-level encryption and immutable data storage, Locktera protects healthcare data from corruption during transfer, storage, or sharing, ensuring the accuracy and reliability of patient records.
- Accidental or Malicious Deletion:
Locktera enables the quick revocation of access and restoration of files, minimizing the risk of data loss that could compromise patient care or violate HIPAA regulations.
- Audit Trails and Tracking:
Comprehensive audit trails monitor all PHI activities, providing visibility, transparency, and accountability to meet HIPAA’s strict logging and reporting requirements.
- Regulatory Compliance:
Locktera’s security framework helps healthcare organizations meet HIPAA’s data integrity standards, ensuring the secure handling of sensitive information throughout its lifecycle.