New study aims to identity financial impact of personal health information breach in security

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The American National Standards Institute (ANSI) and the Shared Assessments Program recently teamed up to lead a new project aimed at exploring the financial impact of unauthorized access to personal health information (PHI).

The project recently brought together professionals from data security companies, identity theft protection providers, research organizations, legal experts on privacy and security as well as standards developers. The goal is to analyze frameworks for determining the economic impact of any disclosure or breach of protected patient data.

“Organizations that are custodians of healthcare data are grappling with how to calculate their risk exposure when PHI is lost or stolen,” said Rick Kam, president and co-founder of ID Experts. “The ANSI/Shared Assessments PHI Project will inform their investment decisions to protect PHI and will provide guidance on how to respond if this data is compromised.”

Patient data security is a major concern in the development of electronic health records. As such, companies and healthcare providers are hiring more health information management degree holders who can help these businesses protect data.

According to the Bureau of Labor Statistics, employment opportunities are expected to increase much faster than the average rate for all other occupations.