With the increase in the number of people paying hospital bills and health insurance using credit and debit cards and other online payment methods, the risk of identity theft has also sky-rocketed. Hackers are finding increased opportunities to steal and misuse sensitive payment and health data.
Therefore, healthcare organisations must take preventive measures to protect your payment data from falling into the wrong hands. PCI DSS is one such compliance that ensures your data is best protected.
This article details how PCI DSS compliance by healthcare companies can keep your data secure.
What’s PCI DSS?
Payment Card Industry Data Security Standard (PCI DSS) is a set of security standards that ensure secure card transactions. Formed by major card brands—like Visa, MasterCard, American Express, Discover, and JCB—PCI DSS compliance protects your card transactions against data theft and fraud.
It defines how health companies must process, store and transmit credit and debit card information. PCI DSS also covers best practices for health companies for protecting company networks, securing and encrypting cardholder data, setting access restrictions, and protecting user devices.
Why is PCI DSS compliance essential for health companies?
Hands down, the healthcare industry is heavily targeted by cybercriminals as it deals with sensitive data like health records, insurance and other financial details. PCI DSS compliance prevents this sensitive data from falling into the wrong hands.
PCI DSS compliance is essential for health companies for the following reasons:
To protect against data breaches
A data breach is a security violation where sensitive, protected or confidential data is stolen and used by an unauthorised individual. It leads to severe consequences for health companies—including lawsuits and huge fines and penalties.
PCI DSS compliance ensures companies have multilayer security systems—secure network points, anti-malware software, next-generation firewall protection—and a networking monitoring system for quarterly and periodic vulnerability checks to prevent cybercrimes.
To protect patients’ privacy and safety
Cybercriminals use patients’ stolen card information and medical records to make false insurance claims, buy drugs and other outrageous purchases. These lead to identity fraud preventing patients from accessing medications, treatment, and money they actually need.
With PCI DSS compliance, health companies have secure hosting systems and 256-bit Advanced Encryption Standard (AES) keys for encoding cardholder data. These AES keys convert the data into non-decryptable code—making it difficult for cybercriminals to access.
To avoid fines and lawsuits
Data breaches in health companies due to poor cyber security lead to lawsuits and fines. Disputes over such cases cost millions of dollars for health companies. The easiest way to avoid these is by complying with PCI DSS.
To prevent reputational damages
Users and patients trust health companies to protect their personal information. If these companies aren’t PCI-compliant and suffer a data breach, they quickly lose this trust. Also, the news of a healthcare provider’s security blunder spreads like wildfire—resulting in terrible reputation damage.
To reduce costs
A data breach not only causes reputation damage it also leads to huge monetary loss—decreasing client base and increasing fines and penalties. According to a report from HIPAA, the average cost of healthcare data breaches in 2021 was $9.42 million. PCI-compliant companies have greater chances of preventing data breaches and hence minimise such losses.
To maintain HIPAA compliance
Many security standards in the Health Insurance Portability and Accountability Act (HIPAA) overlap with PCI DSS.
HIPAA requires organisations to protect the privacy and integrity of protected health information (PHI) by implementing the most recent network security solutions—encryption, access controls, and company-wide information security policies. On the other hand, PCI DSS effectively compels the same precautions to prevent cybercriminals from gaining access to payment card data.
Therefore, maintaining PCI DSS compliance makes it easier for health companies to meet HIPAA obligations. Thus, killing two birds with one stone.
How do PCI DSS and HIPAA overlap?
While HIPAA and PCI DSS standards should be approached separately, there are many areas where their requirements overlap. Both propagate the following:
- Building secure networks and systems
- Encrypting sensitive patient data
- Setting strong user authentication and access restrictions
- Developing and maintaining an information security policy
- Evaluating security measures frequently
How can health companies become PCI DSS compliant?
Here is a 6-step PCI DSS compliance checklist to assist in the development of a rational, stepwise plan for addressing risks to cardholder data and the organisation’s security environment.
- Protect network systems
This can be achieved by installing and maintaining a next-generation firewall and resetting the password given by the vendor.
- Protect cardholder data
This can be done by securing existing cardholder data with safeguards and encrypting the data for transmission across public networks.
- Ensure vulnerability management
This can be achieved by deploying anti-virus software and updating it regularly. Also, by developing and maintaining secure systems and applications.
- Monitor and control access
Companies can restrict physical access to cardholder data and allow access only on a need-to-know basis. They can also assign every person with access to the data a unique ID.
- Monitor and test networks
Companies need to regularly test networks for security purposes. They also need to track and monitor the access to cardholder data. In an event of a security breach, they need to be ready to respond and limit the loss of data by enabling protocols.
- Maintain information policy
Companies must maintain a policy regarding security information, protocols, and other related information to ensure all employees are on the same page.
What’s the cost of violating the PCI DSS compliance?
PCI DSS is a standard—there is no law that enforces it. Rather, it is enforced through contracts between merchants, acquiring banks and payment brands, which pass penalties for noncompliance. These penalties can range from $5,000 to $100,000 per month.
Final Takeaway
Health companies blundering mistakes with people’s trusted data spread like a wildfire—resulting in lawsuits, penalties, trust issues with customers and further reputation damages. PCI DSS are standards health companies can follow to protect users’ personal data from any loss and misuse—protecting the consumer from becoming the victims of cybercrimes.
