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With high growth, comes high risk: Is the cannabis industry data protection ready?

Publish Date: November 12, 2018

Author: Paul Saabas, Vice President, Shred-it

Many LPs operate clinics and dispensaries that collect personal and confidential medical information from patients. Cannabis players that chose to operate in the recreational space still collect personal information from customers and need to ensure that they hold themselves to the same standards as hospitals and medical clinics when it comes to information protection. A 2017 report from the Ponemon Institute states that healthcare organizations that had a data breach experienced a 6.25% decline in their stocks, lost more than 4% of patients and it took over three months to recover from the financial damages of the breach. It is expected that this same decline in stocks and customers can be seen in both the recreational and medicinal cannabis markets if a breach occurs.

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