In the year 2017, the Department of Health and Human Services made over 5,000 HIPAA audits which resulted in the earnings of 56 billion dollars. The HHS is thought to only increase the number of audits under the current administration. Is your organization prepared for an inevitable HIPAA audit? The majority of organizations are not ready for this extensive audit, which can cost millions of dollars in fines.
HIPAA compliance is vital in the Healthcare Industry. Beyond the hefty cost of a HIPAA violation, the irreversible damage to an organization’s reputation can be even more devastating. An escalating number of healthcare providers are turning to a Cloud Hosting Provider to take on the accountability of their compliance.
7 Requirements to look for in a HIPAA Compliant Hosting Partner
Corporate Compliance and Ethics Week places the spotlight on the importance of examining your company and its accordance with industry laws and regulations. Standards are constantly changing due to the increasing accessibility of private information. Having the time or budget to do an audit can be overwhelming. It is tempting to assume that your current resources are up to par and push off a compliance and ethics audit until a later date. However, compliance can and should be viewed as an investment rather than a painful expense.
With fines ranging from $100 to $50,000 per violation it is important to frequently monitor your HIPAA compliance and keep your organization in check. There are three key reasons organizations are fined under HIPAA. The policies and procedures in place are either not enough to protect, or they are not being followed, the organization has not done a meaningful Risk Assessment and a Business Associate Agreement is not in place. When just one employee’s actions can result in a HIPAA violation, it is vital to reinforce and educate continuously.
Small businesses are moving to cloud storage at an all-time high in 2016. The majority of all startup companies born in 2016 have entered the “Cloud Generation,” while established small businesses continue to migrate. Hosting your own IT is a variable cost that fluctuates monthly hurting profit margins. Leveraging the cloud, a fixed cost solution, enables small businesses to significantly reduce their operating costs. Beyond cost, cybersecurity and eliminating downtime are also major reasons why cloud hosting is the most cost-effective measure a small business can make when it comes to their IT.
Every employee plays a vital role when it comes to cybersecurity within their organization. A simple opening of an attachment in an email from an unknown sender can corrupt your entire infrastructure. An unlocked computer can become an easy access point for valuable company information. Improper downloading of software online can welcome malicious malware into your network. Whether an employee is on their cell phone in the break room or using their laptop in the boardroom these simple user errors can end up costing your organization big time.
Cybersecurity is one of the largest threats an organization will face when it comes to the safety of their data. IBM recently sponsored the 11th Annual Cost of Data Breach Study conducted by the Ponemon Institute. In their research they’ve found the average consolidated overall cost of a cybersecurity breach has risen to $4 million. No matter… Continue reading 4 Simple & Inexpensive Cybersecurity Tips