Strong Privacy Management is Key for Cloud Monetization and IoT

As healthcare providers move into mobile device applications and across enterprise and cloud technologies in the U.S. and abroad, businesses and consumers are demanding more layers of protection. And it’s needed: Recent online security breaches highlight the importance of security, especially as cloud transactions and the IoT become more commonplace.

Attracting new customers and retaining old ones is paramount for most companies, and creating trust goes a long way when it comes to the monetization of online data. Concern over online security can determine what companies customers use, and that trust can be a major factor in choosing one company over another.

The better a company can secure and protect this information; the more successful it will be with customer acquisition and retention rates. For example, increased security helps healthcare providers monetize healthcare and medical information through enterprise grade cloud services and managing recurring revenue models for healthcare organizations.

Padlock and keyhole in a printed circuit. Digital illustration.

Healthcare providers can offer new services that could be of great interest to patients based on medical history. These services include products or services, new or alternative treatments, or case management. Cloud-base case management can generate recurring payments as treatment continues, which could include revenue management in a subscription economy (ex: health club fees). And it works on many levels. For example, a healthcare provider would be able to pinpoint exact needs through secure medical records, and if the provider has a relationship with a specific health club, that club could be recommended. The provider recommends a facility that helps patients and it generates recurring funds by managing the health club subscription.

The more customers trust their provider, the higher likelihood they’ll participate in offerings sent their way. Companies that understand this can see dramatically increased earnings, because they can now align products and promotions directly to customer needs while guaranteeing patient privacy. In return, customers become more satisfied with their offerings and are less likely to opt out.

Online security and privacy, especially in healthcare, is at the forefront of discussions today in light of a recent attack on health insurer Anthem. The company confirmed the hacked database, which wasn’t encrypted, contained the personal information of 80 million people. However, despite the fact that no evidence has emerged that credit card or medical records were compromised, consumers and patients remain on high alert.

Risk Based Security and the Open Security Foundation recently issued a study based on 2,164 data loss incidents reported in 2013. Nearly 822 million records were exposed, and in 72% of the cases, the data breaches involved outside attackers. Only 25% of the incidents were caused mainly by accident or human error.

Still, regardless of what forms of encryptions are in place, consumers must do their part and remain vigilant on their own in protecting their medical and financial information. Personal health information is a valuable commodity. Consumers should always carefully read and make sure they understand any authorizations they are asked to sign as well as whether they are giving consent or authorization for healthcare and financial documents.

Considering the statistics, it’s vital for companies to implement stringent security measures, especially with information as sensitive as healthcare records. Aria Systems provides just that security. Like the payment card industry created security guidelines for credit card purchases, Aria was recently certified under the Health Insurance Portability and Accountability Act of 1996 (HIPAA), to help protect financial, medical, and healthcare records and data.

About the Author

Marty Orgel

The Forrester Wave: Subscription Billing Platforms, Q4 2015

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