Understanding the true value of anonymization means realizing how your organization can see ROI on de-identification.
Many healthcare organizations are sharing protected health information, this is a fact. That number is intended to grow. This is not surprising; the volume of health data is growing exponentially. Putting the massive amounts of this data into silos is not the answer. The business of de-identifying this data and using it for secondary purposes is only in its infancy. For research, analytics, monetization and a host of commercial activities, de-identification opens possibilities and invites innovation. But, there is one area that often is ignored. De-identification with strong encryption is an robust pairing with strong encryption to safeguard privacy in the event of a data breach.
The cost of a data breach ranges from $200 to $217 USD per affected individual. This figure includes investigation, direct notification costs, litigation, redress and compensation, penalties, loss of productivity to deal with the breach, and loss of business. (Aside from our research team, we recommend reading The Ponemon Institute/IBM partnered report, 2015 Global Cost of Data Breach Study.)
However, if a breach occurs and the organization has been proactive in de-identifying its data, then the total cost to deal with the breach will be lower. The organization will still incur a cost of mobilizing an internal team, external counsel, and possible external security consultants to investigate the breach and to confirm that it is not a reportable breach.
We did the math. Make sure to download Calculating the ROI on the De-Identification of Health Data. In In this white paper, we present this case by performing a Return on Investment (ROI) analysis based on a series of typical scenarios. This analysis illustrates that when considering the savings from avoiding a data breach, even modest investments in de-identification produce significant ROI.
Get your copy of Calculating ROI today.
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