When a customer is exploring the healthcare marketplace, one of the most influential factors in selecting a provider is reputation. And in an industry so inextricably linked to individuals’ private information and personal needs, upholding the security and care of patient and employee data is essential to maintaining your company's reputation to remain in a competitive position in the marketplace.
In a 2018 study released by the Ponemon Institute which looks at the cost of a data breach, one of the areas studied in which the effects of a data breach or an organization’s poor response to a data breach is most visible is in the field of customer churn. Compared to all industries, healthcare companies are the most susceptible to lost capital and lower customer retention rates due to churn after a breach. The report “estimate[s] an average cost of $4.9 million for companies experiencing a churn rate greater than 4 percent” and shows healthcare leading the industries in abnormal churn rates with an average of 6.7%, nearly twice the grand average of abnormal churn rate to all industries which is only 3.4%. With customer retention severely at stake in the event of a cyber attack, healthcare providers must equip their organizations with a proactive and well-tended cyber risk management program.
The report “estimate[s] an average cost of $4.9 million for companies experiencing a churn rate greater than 4 percent” and shows healthcare leading the industries in abnormal churn rates with an average of 6.7%...
Maxxsure offers the tools you need to take inventory of and manage your cyber security vulnerabilities and provides the opportunity to take control of your cyber security posture. With quantifying metrics that allow you to better assess the risk to your customers and customer data, employees and employee data, transaction processing systems, financial accounts, and intellectual property, Maxxsure arms you with the comprehensive datasets you need in order to enhance and expand your risk remediation measures. Maxxsure’s tool sets allow you to mitigate, manage, and transfer risk to reduce the risk of a breach, and by extension, reduce your organization's reputational risk and preserve brand integrity. Maxxsure gives you a rubric by which you can precisely measure your risk and make decisions to sustain your company's growth and innovation by proactively addressing cyber risk management and leading your team in a Risk-Aware Lifestyle.