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HealthTech is among the most well-funded and rapidly growing industries. However, the medical sector is one of the most challenging areas for launching a startup. Laws, regulations, high security & privacy standards, and the complexity of healthcare relationships make market entry difficult.
In addition to a great product and service, to succeed, you need to build a robust security, privacy and compliance program capable of meeting a myriad of municipal, federal and international regulations. However, if done right, your holistic security & privacy program becomes a competitive weapon to help accelerate your sales cycles.
A Holistic Security & Privacy is a Competitive Advantage for HeathTech Startups
Healthcare providers are more likely to partner with organizations that can protect patient data. Compliance with HIPAA and SOC2 certification for robust security measures demonstrates your commitment and capability to the confidentiality, integrity and availability of sensitive patient information.
As a startup, any data leak can destroy your company's reputation and crush your dreams of success. As a brand new company, the time to build a security, privacy and compliance program is from the start.
Skimping out on your new business's cybersecurity is never worth it.
Small businesses and startups are perfect targets for cybercrimes. When you're just starting, you might not think there's a security risk, or you may have a team that doesn't understand the importance of cybersecurity. Unfortunately, hackers recognize and exploit these vulnerabilities to take advantage of your business and, worse, your client's business.
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12 years Consecutive years the healthcare industry had the highest average cost of a breach |
Healthcare and cybersecurity"Thedigitalization of healthcare, which has been increasing in recent years, has opened up further risks for healthcare providers via hacking attempts and data breaches. In 2020, over 500 entities were involved in healthcare data breaches in the United States, the largest of which affected over 3.3 million people at Trinity Health, a Michigan-based provider, exposing patient and donor information." - Conor Stewart, Research expert covering health & pharmaceuticals in the UK & Europe, Oct 5, 2021 "Healthcare breach costs have been the most expensive industry for 12 years running, increasing by 41.6% since the 2020 report." – 2022 Verizon Data Breach Incident Report
"Healthcare breach costs hit a new record high. The average breach in healthcare increased by nearly USD 1 million to reach USD 10.10 million. Healthcare breach costs have been the most expensive industry for 12 years running, increasing by 41.6% since the 2020 report. " - IBM 2022 Cost of a Data Breach Report
"In most industries, the impact of cyberattacks is seen in financial ledgers. In healthcare, the impacts are potentially more dire, measured by increased mortality rates, health complications and a lower quality of life." - Ponemon Institute |
Regulatory compliance
Your clients need to know you are steadfast in your commitment to remain compliant in all aspects of our business, including all federal and state regulations and guidelines relating to the security and protection of healthcare information.
The achievement of the following certifications are often used by mature, established HealthTech organizations to demonstrate their commitment to organizational privacy, information security, business transformation, and implementation of a solid internal controls framework. They also show that all relevant data centers, facilities, processes, and products are analyzed and tested annually by independent third-party assessments. To your clients, they broadcast that your product and services can provide security, availability, and confidentiality of sensitive health information.
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| The HIPAA Security Rule establishes national standards for confidentiality, integrity and availability of e-PHI. The Department of Health and Human Services (HHS) Office for Civil Rights (OCR) is responsible for administering and enforcing these standards. |
External auditors provide SOC 2 certification. The auditor ranks the organization based on the SOC2 Trust Criteria and issues a 'SOC Attestation Report.' These reports vary with each organization. Your Healthcare clients typically request you provide a SOC 2 report when entering a business agreement. |
HITRUST CSF Certified status demonstrates that systems and infrastructure have met key regulations and industry-defined requirements to manage risk appropriately. This framework helps continuously improve the organization's security and privacy to align with industry standards. |
ISO/IEC 27001:2013 covers the expectations for establishing, implementing, maintaining, and continually improving an information security management system within the organization's context. This includes the requirements for periodic assessment and treatment of information security risks customized to your business and your industry. |
The Payment Card Industry Data Security Standard is designed to enhance the security controls protecting payment card information. It applies to all entities that process card transactions to verify the highest data security and privacy standards. |
HIPAA and SOC2 for HealthTech SaaS Companies
If you are a technology provider or SaaS company working in the healthcare industry, you will have to abide by SOC 2 and HIPAA regulations for protecting PHI and using data in the cloud.
A proactive approach can ensure that you meet the requirements for both standards. That means a robust, holistic security, privacy and compliance program will help you achieve successful compliance audits for both.
Need Help Getting Started?
Truvantis can help you build a holistic security, privacy & compliance program customized to your immediate and most urgent business needs.
Many organizations, including Healthcare & HealthTech, trust Truvantis. We don't believe in one-size-fits-all security. Instead, we will create a customized program tailored to your business requirements. Our mission is to help you build practical & effective cybersecurity, privacy & compliance programs that balance budget and risk.
Truvantis offers comprehensive expertise in implementing, testing, auditing, and operating information security, privacy & compliance programs. We've helped organizations of all sizes improve their cybersecurity posture through practical, effective, and actionable programs—balancing security, technology, business impact and organizational risk appetite.
Truvantis® is a cybersecurity consulting organization providing best-in-class cybersecurity services to secure your organization's infrastructure, data, operations, and products. We specialize in helping our clients improve their cybersecurity posture by implementing, testing, auditing, and operating information security programs.
If you'd like to talk to an expert, we're here to help.
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