Tag: data currency

The healthcare industry and consumer data anxiety

The modern consumer understands the value of their data. With the increased importance of connected experiences, personalisation and tailored brand communication, consumer-data is currency.

Huge corporations deal in it, it’s the focus of mergers and acquisitions and unfortunately it’s at the centre of information security breaches. This has led to many people experiencing data anxiety about how their data is being used and how safe it is. The use of data and data security is always of critical importance to the work we do at Prevayl®.

Data Anxiety: Healthcare Industry  

No other industry experiences as many issues with information security as the healthcare industry.

Specifically four out of every five data breaches involve health data, while it is expected to cost the US healthcare industry $4billion by the end of 2019.

It affects the likes of hospitals, insurance companies, private healthcare providers, and pharmaceutical companies, making it no surprise that consumers are continuing to feel anxious about the safety of their health data.

The healthcare industry relies on internet-enabled technology. It has revolutionised the industry in various areas from how patient records and lab results are stored, to how equipment is used.

This is essential to improve the care provided to patients by facilitating data integration, patient engagement, and clinical support. The core issue is that these technologies can be vulnerable to information attack, resulting in patient data being stolen, and entire hospitals being shut down.

The NHS suffered a huge information security attack in 2017, which really alerted people in the UK to the value and vulnerability of their health data.

The good news is that the industry is changing to better protect this data, with those in the health sector in the UK increasing their spending on cyber security by 500% in figures released this week.

Not only that, there is an increased commitment to recruit chief information security officers to ensure cyber security procedures and processes are adequately implemented and followed. This is something that was previously lacking according to reports from last year.

The latter is essential for any company or body involved in the collection and processing of health data. Consumers need to feel confident in the information security measures put in place by all entities that collect their individual health data.

Data Anxiety: The use of personal health data

Misuse of personal data sourced from information hacks is clearly one area of concern that is fuelling consumer information security anxiety.

Another is how it is set to be used by those companies that collect and store it. This was again thrown into light by the recent acquisition of Fitbit by Google, with the worry amongst consumers being that any existing and future health data sourced from Fitbit devices is to be used to power Google’s advertising arm.

This has been denied by all parties concerned. What the focus of the deal should be is the importance this could have to the future of the industry as a whole.

Health data and innovation in healthcare

As we move into 2020, the importance of health data is only set to intensify.

The insights gained are set to fuel the next innovations in the sector promising a better experience for individuals and the ability to make informed choices about how to live healthier lives.

At Prevayl, our wearable technology is enabling the creation of the world’s most advanced health-tech eco-system.

Through the collection of more bio-data from the human body than any current leading wearable device, we’re powering the largest ever known platform of human insights. Health data is at the core of our mission.

As is the benefit to the end user. They have the ability to interact with their own health data in their own personal curated health management system. Crucially, our technology ensures that this data is always anonymous, unless explicitly agreed to by each user. It’s from this health management system that each individual will obtain their own tailored insights to assist them to make the right decisions for their own personal health.

That’s the benefit of health data to the end user. Our commitment to data protection, privacy and information security is central to our consumer-driven approach to health data.

Read More