It seems as though cybersecurity breaches are everywhere in businesses these days. Every day, another news headline of some ransomware attack, another data breach. There’s got to be a better way, right? What if we used the immutable power of the blockchain to guard against cyber-attacks and data breaches? This is quickly becoming a vast reality in a number of business verticals including healthcare environments.
Data breaches have a direct impact on the medical world costing an average of $6.5 million which breaks down to $429 per patient record. This money is spent on legal help, technical issues, and regulatory functions such as notifying patients. Lost business associated with reputation, lack of consumer trust, and downtime hold great consequences.
Blockchain may be the answer to many of these problems. Applications such as wearables and remote monitoring allow for better streamlining of patient data. This alone decreases the cost and complexity associated with older methods that house security holes and human errors. Blockchain creates a space for recording transactions and tracking assets that decrease human errors and increase security.
Within the ever-growing world of telehealth, the increased risk of security breaches to highly sensitive data is an ever-developing problem. The incorporation of blockchain however helps by creating storage of records into a fragmented database. This added protection allows for better consumer confidence in using telehealth. With the use of health data NFTs, data could become even more secure by preventing identity theft and fraud. The use of non-fungible tokens puts patients in better control of their data while giving providers the added confidence that the information they are receiving is nothing less than genuine.
Knowledge is power and protecting your organization from cyber attacks is of tantamount importance these days to stay ahead of the curve. Learn more about how blockchain and cybersecurity go hand in hand and to attempt to use blockchain applications to protect yourself from cyber attacks in the visual deep dive below.
