Tausight Helps Healthcare Industry Address $3.2 Billion USD in Risk

AI-powered Data Security Company finds record levels of data at risk in 2023
BOSTON, Oct. 9, 2023 /PRNewswire/ — Tausight, healthcare’s first AI-powered data security company, today released the findings of its 2023 ePHI Intelligence Report showing that, among the 85 million files inspected by its solution across the U.S. healthcare system, it found more than $3.2 Billion in “Potential Breach Value” faced by its client healthcare organizations.

“This year, we have experienced a dramatic increase in hospitals and other healthcare organizations using the Tausight AI solution to identify, detect, and respond to ePHI vulnerabilities,” said David Ting, Founder and Chief Technology Officer at Tausight. “We’ve found that few healthcare organizations – regardless of their size or type – know the full scope of their data risk. This exposes them to increasing risk of OCR fines and penalties, and their patients to becoming victims of cyber crime.”
In 2023, Tausight’s AI-powered data intelligence solution inspected more than 85 million unstructured files across the U.S. healthcare system. Of those files, Tausight classified 14.5 million containing personally identifiable information (PII) and 1.5 million containing PHI. The extrapolated “Potential Breach Value” of these files is $3,213,500,000 USD based on the average cost of compromised PII at $183 USD per record (per IBM’s 2023 Cost of Data Breach report) and the average cost of compromised PHI at ~$405 USD per record (per Ponemon Institute).
In addition to these risks of Potential Breach Value, Tausight also found that, on average, 22 percent of unstructured PHI files were neither archived nor backed up – which could lead to significant data loss and patient privacy risk if these files were stolen in a cyber event.
Finally, Tausight revealed that a high number of the 1.5 million PHI files inspected have not been accessed for alarming lengths of time. These long-dormant files include: 19 percent that have not been accessed in more than 10 years, and 72 percent that have not been accessed in more than one year. 
“Over and over, Tausight’s solution reveals the lack of proper hygiene when it comes to managing an organization’s most valuable data – this is comparable to homeowners leaving their high-value assets scattered around a house that doesn’t have a front door,” said Ting. “There must be a significant shift in the industry’s cavalier attitude towards patient data and risk in order to reduce the success of cybercrime against the US healthcare system.”
Learn more about the Tausight solution at HLTH 2023, taking place October 8-11 in Las Vegas, NV.
About TausightTausight is healthcare’s first AI-powered ePHI security company with a vision of reducing healthcare-specific cybersecurity incidents by leveraging the power of AI to detect and manage PHI risk in today’s decentralized healthcare ecosystems. Founded in 2018 by healthcare security pioneer David Ting and led by healthcare visionary Frank Nydam, Tausight is backed by top-tier healthcare investors Polaris Partners, Flare Capital Partners, and .406 Ventures, and is based in Boston, Massachusetts. For more information, visit: www.tausight.com and follow us on LinkedIn and Twitter (@Tausight).

View original content to download multimedia:https://www.prnewswire.com/news-releases/tausight-helps-healthcare-industry-address-3-2-billion-usd-in-risk-301950979.html
SOURCE Tausight 

AI-powered Data Security Company finds record levels of data at risk in 2023

BOSTON, Oct. 9, 2023 /PRNewswire/ — Tausight, healthcare’s first AI-powered data security company, today released the findings of its 2023 ePHI Intelligence Report showing that, among the 85 million files inspected by its solution across the U.S. healthcare system, it found more than $3.2 Billion in “Potential Breach Value” faced by its client healthcare organizations.

“This year, we have experienced a dramatic increase in hospitals and other healthcare organizations using the Tausight AI solution to identify, detect, and respond to ePHI vulnerabilities,” said David Ting, Founder and Chief Technology Officer at Tausight. “We’ve found that few healthcare organizations – regardless of their size or type – know the full scope of their data risk. This exposes them to increasing risk of OCR fines and penalties, and their patients to becoming victims of cyber crime.”

In 2023, Tausight’s AI-powered data intelligence solution inspected more than 85 million unstructured files across the U.S. healthcare system. Of those files, Tausight classified 14.5 million containing personally identifiable information (PII) and 1.5 million containing PHI. The extrapolated “Potential Breach Value” of these files is $3,213,500,000 USD based on the average cost of compromised PII at $183 USD per record (per IBM’s 2023 Cost of Data Breach report) and the average cost of compromised PHI at ~$405 USD per record (per Ponemon Institute).

In addition to these risks of Potential Breach Value, Tausight also found that, on average, 22 percent of unstructured PHI files were neither archived nor backed up – which could lead to significant data loss and patient privacy risk if these files were stolen in a cyber event.

Finally, Tausight revealed that a high number of the 1.5 million PHI files inspected have not been accessed for alarming lengths of time. These long-dormant files include: 19 percent that have not been accessed in more than 10 years, and 72 percent that have not been accessed in more than one year. 

“Over and over, Tausight’s solution reveals the lack of proper hygiene when it comes to managing an organization’s most valuable data – this is comparable to homeowners leaving their high-value assets scattered around a house that doesn’t have a front door,” said Ting. “There must be a significant shift in the industry’s cavalier attitude towards patient data and risk in order to reduce the success of cybercrime against the US healthcare system.”

Learn more about the Tausight solution at HLTH 2023, taking place October 8-11 in Las Vegas, NV.

About Tausight
Tausight is healthcare’s first AI-powered ePHI security company with a vision of reducing healthcare-specific cybersecurity incidents by leveraging the power of AI to detect and manage PHI risk in today’s decentralized healthcare ecosystems. Founded in 2018 by healthcare security pioneer David Ting and led by healthcare visionary Frank Nydam, Tausight is backed by top-tier healthcare investors Polaris PartnersFlare Capital Partners, and .406 Ventures, and is based in Boston, Massachusetts. For more information, visit: www.tausight.com and follow us on LinkedIn and Twitter (@Tausight).

View original content to download multimedia:https://www.prnewswire.com/news-releases/tausight-helps-healthcare-industry-address-3-2-billion-usd-in-risk-301950979.html

SOURCE Tausight

 

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