BALTIMORE, March 18, 2021 /PRNewswire/ -- Terbium Labs, the premier Digital Risk Protection (DRP) company, today announced a strategic investment from Jefferson Health and Thomas Jefferson University. Terbium will use the new funding to accelerate product development of Matchlight's third-party, healthcare-focused integrations, enabling automated and secure monitoring of PHI, employee records, and confidential medical research.
With cybercriminals continuing to exploit the healthcare industry during the global pandemic, research shows a 45% increase in cyberattacks since November of 2020 against the healthcare sector. Attack vectors include distributed denial-of-service (DDoS) attacks, social engineering, botnets, phishing, and ransomware. Furthermore, according to the HIPPA Journal 2020 Data Breach Report, there was a 25% increase in breaches from 2019, which included 642 large data breaches reported by healthcare providers, health plans, healthcare clearing houses and business associates of those entities.
"To help protect our PHI and PII, we needed a secure and proactive solution, one that can integrate into our existing systems — ranging from our HR management platform to our research data management platform to our patient portal — ensuring we are monitoring all of our valuable assets, while staying compliant with regulations tied to this type of data. With its digital fingerprinting technology, Terbium's Matchlight is the only solution on the market that has the ability to legally handle our most critical data. With the strategic investment, we are excited to collaborate with Terbium Labs in the development of Matchlight's third-party integrations, which will allow us to automate the fingerprinting process with our key systems", said Mark Odom, Vice President and CISO at Thomas Jefferson University & Jefferson Health.
After being introduced to the Matchlight solution, and supportive of its potential, Mr. Odom approached Jefferson's Strategic Ventures group about exploring something more strategic than simply a vendor-vendee relationship. "Mark approached us and said not only is this a really interesting solution, but we believe we can help them," says Jason Bowne, VP of Investments, and who directly supports Jefferson's venture and Innovation efforts. "Both sides were excited to engage in something deeper, and this was exciting for our office because while we receive immense support from our IS&T colleagues, this is our first strategic investment into digital security and a terrific opportunity to allow them front and center, leveraging IS&T's subject matter expertise."
Offering the only private DRP solution in existence that has the ability to monitor highly-regulated, sensitive data, Matchlight's patented digital fingerprinting technology creates a one-way digital signature of any type of data, enabling Thomas Jefferson University & Jefferson Health to automatically ingest and monitor for its sensitive information without revealing it to anyone – not even Terbium. Delivering zero false positives, vetted alerts, and curated reports, Matchlight helps the Thomas Jefferson University & Jefferson Health security teams to continuously evaluate the organization's risk profile, including where its data can be found across the open, deep, and dark web, how its risk evolves over time, and what can be done to remediate any exposure.
"As of 2020, the global average total cost of a data breach is $3.86M, with healthcare leading the highest cost at $7.13M. We're also seeing the average time to identify and contain a breach landing at around 280 days, but by shortening that lifecycle to under 200 days, organizations can save around $1M in damages" said Pat Clawson, CEO and President of Terbium Labs. "The healthcare sector faces greater external risks from cyber-attacks and information security incidents than any other global institution due to the valuable information they hold — everything from PHI, to employee data, to medical research IP. Research hospitals like Thomas Jefferson University & Jefferson Health need a DRP solution like Matchlight to first, safely and legally get their most sensitive, highly-regulated data under monitoring and second, notify them immediately of data exposure in order to shorten data breach detection times that lead to incident response delays."
About Terbium Labs
Terbium Labs empowers organizations to reduce the risk of inevitable data exposure. Matchlight, the company's comprehensive digital risk protection (DRP) platform features continuous digital asset monitoring, robust analytics, and actionable intelligence, to quickly identify and minimize the impact of exposed data across the Internet – whether it's the open, deep, or dark web. Featuring its patented data-fingerprinting technology that ensures private data stays private, unique fusion of data science and machine learning, and dedicated analysts, Terbium Labs provides pinpoint accuracy for early detection and remediation of data exposure, theft, or misuse across the digital landscape. Learn more about Terbium Labs' unique approach to DRP by visiting terbiumlabs.com or on Twitter @TerbiumLabs.
Jefferson, located in the greater Philadelphia region and southern New Jersey, is reimagining health care and education to create unparalleled value. Jefferson is more than 30,000 people strong, dedicated to providing the highest-quality, compassionate clinical care for patients, preparing tomorrow's professional leaders for 21st century careers, and discovering new treatments to define the future of care. Thomas Jefferson University, home of Sidney Kimmel Medical College, dates back to 1824 and today comprises 10 colleges and three schools offering 160 undergraduate and graduate programs to more than 8,100 students. Jefferson Health serves patients through millions of encounters each year at 14 hospitals (seven are Magnet® designated by the ANCC for nursing excellence) and over 40 outpatient and urgent care locations throughout the region.
SOURCE Thomas Jefferson University