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Digital Health and MedTech is a fast-paced world and securing contracts such as the ones for NHS Trusts is as competitive as ever. NHS, healthcare providers and other organisations need partners they can trust to handle their data securely. One of the most effective ways for digital health companies to stand out and win more contracts is by demonstrating compliance with recognised standards like ISO 27001. Here’s how focusing on cybersecurity can be a game-changer for your business.
Healthcare organisations, especially large providers of public health systems such as the NHS, require their partners to follow strict security protocols. In this environment, being able to demonstrate a strong cybersecurity posture is no longer just a nice-to-have; it’s a fundamental requirement. Digital health, Med Tech and Medical Device companies that focus on security compliance—especially with globally recognised standards like ISO 27001—are better positioned to build trust and win contracts with big healthcare organisations.
ISO 27001, for example, is an internationally recognised standard for managing information security. Achieving certification not only proves that your company takes security seriously, but it also signals that you are committed to continuously improving and maintaining security measures. This can set you apart from competitors who may not be able to provide the same level of assurance.
Data breaches in healthcare are on the rise only with the Synnovis cyber attack on London Hospitals and attack on Scottish NHS Trust Dumfries and Galloway (see our blog post Cyber Attacks on Healthcare Organisations) making security a top priority for healthcare buyers. When NHS Trusts Healthcare organisations evaluate potential technology partners, one of the first questions they ask is: How do you protect our data? Being able to confidently answer this question by citing adherence to standards like ISO 27001 demonstrates that your organisation follows industry best practices.
According to the U.S. Department of Health and Human Services’ (HHS) Office for Civil Rights (OCR), which tracks healthcare data breaches, there has been a significant increase in data breaches over the last few years.
In 2022, there were over 700 healthcare data breaches, each impacting at least 500 individuals, affecting more than 52 million people. By comparison, in 2018, there were 370 breaches impacting approximately 10 million individuals. This shows more than a doubling of incidents and a fivefold increase in affected individuals over just a few years.
The cost of a healthcare data breach is also significantly higher than in other sectors. A 2023 report by IBM Security found that the average cost of a healthcare data breach reached an all-time high of £8.85 million ($10.93 million) per incident, nearly double the average across all industries, which was £3.60 million ($4.45 million).
Compliance with recognised frameworks helps ensure that your systems are resilient against a variety of threats, from data breaches to ransomware attacks. It is the best way to keep operating effectively whilst safeguarding your data and therefore the trust of your partners.
Healthcare organisations are also bound by strict regulations like HIPAA and FDA (in the US), GDPR and EU MDR (in Europe), and others depending on the region. Compliance with these regulations is non-negotiable for healthcare providers, and digital health companies that can't meet these requirements risk being disqualified from potential contracts.
By focusing on ISO 27001 and other security certifications like Cyber Essentials or SOC 2, your company not only ensures compliance with internal best practices but also demonstrates adherence to external regulatory requirements. This can provide a significant advantage when negotiating contracts with healthcare organisations.
At Periculo, we specialise in helping digital health companies such as MedTech and Medical Device strengthen their cybersecurity posture and align with internationally recognised standards. Our expertise includes guiding businesses through the ISO 27001 certification process, conducting regular security audits, and offering tailored cybersecurity solutions to meet unique business needs.
By working with Periculo, digital health companies can:
Investing in security is an investment in the future of your business. Not only does it protect your systems and data, but it also positions your company as a trusted partner in the eyes of potential clients. In the digital health space, where security is paramount, having strong cybersecurity credentials like ISO 27001 could be the deciding factor in whether your company wins or loses a contract.
At Periculo, we help digital health companies navigate the complex world of cybersecurity and compliance. With our expertise, you can strengthen your security posture, achieve important certifications, and ultimately win more contracts by building trust with your clients.
Ready to take your digital health company to the next level by strengthening your cybersecurity and compliance? Contact Periculo today to see how we can help you meet standards like ISO 27001.
Book a free 30-minute call with strategy to explore how Periculo can tailor a security solution that wins you more contracts and keeps your business secure.
Contact Periculo for expert cyber security solutions tailored to the digital health industry.