Managing your healthcare IT cybersecurity budget in 2023

abstrack image of healthcare tech

As a CISO or Director of IT in the healthcare industry, you know that cybersecurity is a top priority. But with so many other demands on your budget, how do you prioritize spending?

In this blog post, we’ll share some tips on how to allocate your healthcare IT cybersecurity budget. We’ll discuss the most important areas to invest in and offer advice on getting the most bang for your buck.

Healthcare is one of the most targeted industries by cybercriminals

Cybercriminals have been increasingly targeting the healthcare industry since personal data is required to be collected to deliver quality patient care. In fact, according to a recent report, 2021 showed cybersecurity incidents reaching an all-time high in healthcare.

To protect against various digital threats, it is essential for healthcare organizations to secure their emails, monitor their inbound communications and seal all entry points into their networks. While no one solution can completely protect you from being affected by ransomware or other cyberattacks, having solid systems in place can help mitigate threats and prevent a potential data breach.

Healthcare IT cybersecurity budgets are on the rise

In response to the growth of cybercrime, the trend towards increased budgets for cybersecurity is becoming more and more apparent. The cost of a data breach in the U.S. in 2022 averaged $9.4 million, according to IBM. And not only do organizations suffer financial losses but also a gigantic hit to their reputation that is hard to earn back.

It is estimated that 2023 will see an increase in cybersecurity budgets due to global cybercrime threats. This means healthcare organizations will be pushed even further to protect their networks and patient data with firewalls, encryption and identity and access management. Healthcare IT security officers will need to continuously stay ahead of future risks and current threats to keep sensitive patient information secure.

How to allocate your cybersecurity budget

Budgeting for cybersecurity is a tricky equation—especially now, as we face an uncertain economic landscape. Not to mention a gap in cybersecurity and infosec manpower to address increasing needs, making it critical to be efficient in budgeting.

One approach is look at budgeting from three key angles: prevention, detection and response.

For prevention, focus on cost-effective solutions that limit potential organizational risks, such as enforcing multi-factor authentication into all systems with sensitive information.

In terms of detection, evaluate where sensitive information is stored and if you have the means to automate monitoring and alerts if there are any anomalies. this should also be weighed against how much it would cost you to use existing or potential new solutions.

Finally, with response, identify what kind of reaction will have the best outcome for your organization if something goes wrong. Plan for this accordingly by allocating resources to the people and technology necessary for responding effectively and mitigating loss.

Look at gaps in these areas, especially looking at your current cybersecurity stack to see where you can leverage existing solutions, or easily implement new solutions, to understand where you’ll need to budget. Don’t underestimate the value of budgeting more heavily in prevention to stop threats before they happen.

With any new tech introduced, there could be needs to further staff your team if the solution is not easy to use, so be sure to consider headcount as well.

The benefits of investing in healthcare IT cybersecurity

Investing in cybersecurity is essential for healthcare given HIPAA regulations and maintaining the security and privacy of sensitive patient data.

From a financial perspective, the C-suite should consider that an ounce of prevention often means saving both money and your reputation when compared to the cost of any resulting damages post-breach.

Plus, cybersecurity investments can help convince patients, health plans and others that their data is safe. And having adequate protocols and tools in place not only helps protect your organization but can also equip your IT staff and infosec professionals with resources to strengthen their defenses against potential threats.

Tips for stretching your cybersecurity budget

Making the most of your cybersecurity budget can be a challenge. Still, with the right strategies, you can optimize existing tools, train staff and invest in new reliable tools to avoid attacks.

It helps to start by assessing your current software solutions to identify any areas that need strengthening or adjustments.

Next, you’ll want to ensure your employees receive training on proper IT security protocols. This is key to avoiding cyberattacks. Improving employee understanding helps protect against malicious intent or simple user errors that can lead to costly data breaches.

Lastly, investing in quality tools—such as endpoint protection or data encryption software—is important for keeping confidential data safe from potential cybercriminals.

Implementing these strategies will help you optimize your budget and give you added peace of mind.

It pays to invest in cybersecurity

Cyberattacks against healthcare organizations are becoming more common and more costly. As a result, IT cybersecurity budgets are on the rise. However, it is important to allocate your funds in a way that will maximize the benefits of investing.

By following the tips we’ve provided, you can stretch your budget and still invest in the best possible security for your organization.

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About the author

Rick Kuwahara

Rick Kuwahara is COO and Chief Compliancy Officer for Paubox.

Read more by Rick Kuwahara

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