Every organization needs to have a cyber-security plan, as no business is immune from the threat, no matter how small or innocuous its scope. Some industries, however, are in more need than others.
Healthcare businesses are more likely to suffer the threat of cyber-attack, and because of the sensitive and regulated nature of the data they keep in their systems, will suffer a higher cost when an attack happens. For over a decade, the healthcare industry has had the highest average data breach cost, over double the average across all industries, thanks primarily to the heavy regulation that leads to fines when breaches occur.
The key to protecting your healthcare business from the ever-changing landscape of bad actors is by powering it with a modern, agile ERP platform such as Microsoft Dynamics 365 Business Central with Binary Stream. In addition to the efficiency boosts brought on by automation that are part and parcel of most modern ERP platforms, BC with Binary Stream provides top of the line security protection, allowing healthcare businesses of any size to have the protection level of mega-companies.
Centralization is Protection
Many companies operate under the assumption that a decentralized ERP system — one in which data is siloed into departments or other, separate spheres — is a safer setup than a centralized system. They believe that the separation will keep data in other modules of the business safe, should one be compromised.
While this thought process may make sense on the surface, in practice it is much more difficult to protect decentralized systems against modern, sophisticated cyber-attacks. Each time data, be it customer information, financial records, or even reports, moves from one area of the business to another, it creates a potential vulnerability, a chance for bad actors to infiltrate the system.
Protecting a decentralized system is like having to reinforce every thread and hub of a spiderweb, rather than building a wall around one location.
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The cost of protecting decentralized systems should also be considered. Protecting multiple systems at the level required would be a considerable financial burden, particularly for healthcare businesses, which deal with one of the highest data concentrations of any industry. Investing in a top-of-the-line industry-optimized ERP platform like BC with Binary Stream will offer high-level cyber protection for the entirety of the business, without breaking the budget across multiple departments.
Understanding Breaches - Causes, Costs, and the Aftermath
Data breaches do not happen solely because of hackers or other bad actors. Accidental disclosures by employees, as well as lost devices or physical files, also contribute to the problem. While a modern ERP platform cannot prevent these accidental disclosures, it can help protect against the vast majority of breaches. According to the US Department of Health and Human Services, in 2021, 72% of breaches came from hacking-related incidents.
In 2021, the reported average cost per record compromised was between $161 and $180 depending on the nature of the information revealed. Considering data breaches often compromise tens of thousands, or more, records, the financial impact of a breach is obvious and severe.
The financial impact is not the lone repercussion that healthcare businesses face, however. System downtime while fixes are being implemented can make day-to-day operation difficult or even impossible, depending on severity, and the loss of patient trust can be catastrophic.
Creating A Security First Culture- Best Practices
A modern ERP platform is the best protection against cyber-threats; however, it will not operate at peak protection power unless your business develops a culture that is “security first.” Cultivating a security-focused mindset will reduce the chances of incidents occurring, bolstering the confidence of employees and customers alike. To develop this culture, experts recommend the following best practices.
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Keep Patched and Up to Date
Keeping your system up to date with the latest version and patches is vital for maintaining security. Each update and patch contains new anti-virus, malware, and other cyber-threat definitions that are important for ensuring your business is protected against ever-evolving threats.
Staying up-to-date also helps prevent technical issues that can cause crashes and costly downtime and keeps both software and hardware running smoothly. It is not exclusively on-location software that needs to stay updated—any device that is regularly used to access the system should be kept up-to-date and secured.
Controlling Data Accessibility
Ensuring each member of staff has the correct access to the system, and data contained within, is important for maintaining security. Determining whether an employee group or individual user needs read-only access, report access, or full system access can be a complicated process. It is, however, an extremely important one.
Determining whether employees from one entity or department need access to some or all of the other departments is also vital for ensuring there are no weak links in the security chain you are building, particularly when it comes to departments that handle confidential patient records.
Full access to all systems should never be the default for healthcare organizations; the risks are simply too high.
IT departments should also create a list of approved network-connected devices for easier identification and monitoring of threat risks, as well as triage should a breach occur. A registry of devices and approved users is critical to maintaining a security-first culture.
Data Encryption Isn’t Optional
A centralized ERP platform is a conduit for a never-ending flow of data between departments, users, devices, and systems. Each and every transfer of data is a potential incursion point for bad actors and needs to be protected.
Data encryption should be standard practice for every business, especially those like healthcare companies operating with sensitive data like patient records. Tools like firewalls for internal connections and VPNs for external ones are an added layer of defense that should be utilized as often as possible. This level of data protection is a key step in staying HIPAA compliant and should be prioritized accordingly.
Compliance is Key
Speaking of HIPAA, the consequences for not complying with this set of regulations are steep. The minimum fine for willfully violating HIPAA regulations is fifty thousand dollars per violation, with individuals facing the possibility of restitution payments and even jail time if convicted. State and local jurisdictions may also have regulations that need to be monitored, and healthcare companies that deal with international considerations must also remain mindful of other country’s privacy laws and regulations, which can be even stricter than America’s.
Dynamics 365 Business Central and Binary Stream offer robust tools for documenting compliance-related challenges and resolutions, creating paper trails for audits, and monitoring successful adherence to regulations.
Invest in Scalability
Whether your business is a vast network of linked hospitals or a handful of small, neighborhood clinics, being able to grow your business while still scaling your security apparatus is important. Healthcare businesses that find themselves growing faster than they can scale leave themselves open to potential cyber-threats.
Growth means more users, which means more devices and access points that need protecting. A stagnant, monolithic ERP platform would struggle to meet those needs, likely requiring costly, time-consuming support and upgrades to bring new users online.
A modern, agile ERP platform like Dynamics 365 Business Central
will have the scalability and flexibility to grow with your business, enabling timely, smooth onboarding of new users and seamless integration of new processes, allowing your business to continue to evolve, rather than be chained to old ways of doing things.
Education is Prevention
Finally, and perhaps most importantly, a security-first workplace culture requires an engaged and educated employee base.
Developing and maintaining a security education program for employees will ensure that all system users understand their roles within the platform, the security risks involved with them, and best practices for avoiding costly incidents. Classes on avoiding common social engineering scams such as phishing can help your employees stay on guard as the email attacks get more sophisticated and realistic. These classes can also help users understand the whys and hows of security—from two-factor authentication to frequent password changes—ensuring continuing education for your users will help keep security habits good, drastically lowering the chances of an incident.
The Right Engine to Power Secure Businesses
The need for healthcare businesses to make security a priority is obvious and will continue to increase in importance as threats continue to evolve, growing more frequent and sophisticated.
Healthcare businesses are already the most targeted for cyber-attacks and face one of the highest costs should data breaches occur, both financially and in terms of public trust and image. To do this, healthcare businesses need to prioritize building a culture of security in their employees and choose an ERP platform that will offer the tools to protect vital patient and business data.
A modern, agile, industry-optimized ERP platform is the best choice, with Microsoft Dynamics 365 Business Central the clear leader, especially when partnered with Binary Stream for healthcare businesses. Built with security at its core, powered by Microsoft’s industry-leading billion-dollar+ annual investment in security across all of their platforms, BC with Binary Stream is the ideal platform for growing medical organizations to help them protect their patient and financial data across the entirety of their organization.
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