A new report examines the financial impact of breaches of protected health information and ways to develop a business case for enhanced protection of the information.

The free report is a collaborative effort of the American National Standards Institute, consultancy The Santa Fe Group, and the Internet Security Alliance, with input from more than 100 members of 70 organizations.

The report offers up “PHIve,” a five-step method to calculate the potential or actual cost of a breach. “In addition to the legal and ethical obligations to protect PHI, there is another, very real and equally important reason for protecting it,” according to the report. “It is called ‘goodwill’--the intangible advantages that a company has in its market, including strategic locations, business connections, and, relevant to this matter, an excellent reputation.”

The report, “The Financial Impact of Breached Protected Health Information,” is available here.

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