Healthcare industry demands patient data protection driven by AI
Boston, MA — January 24, 2024 —
Tausight, the leader in patient data protection, today announced record growth for the company in 2023, with both annual recurring revenue (ARR) and its customer base expanding by nearly 300 percent. The company also introduced several new products – including the release of their Gen3 AI Model – and received continued industry recognition as a leader in the healthcare data security market, among other notable developments.
“Tausight’s record growth in 2023 reflects the industry has a major gap in data security and has an urgent need for a patient data protection solution that is purpose-built to reduce the success of cybercrime against the US healthcare system.” said Frank Nydam, CEO at Tausight. “It has never been more important for health systems to rapidly embrace new technology approaches, such as AI, to identify, detect, and respond to ePHI vulnerabilities,”
In addition to 300 percent growth in ARR, Tausight’s additional highlights from 2023 include the following:
- 270 percent growth in customer base;
- Expansion of Channel partners and integration ecosystem;
- $3.2 Billion USD in sensitive data risk classified by Tausight AI™;
- Release of Tausight Gen3 AI, which delivers greater than 95 percent accuracy and less than 3 percent false positives out-of-the-box for structured and unstructured content.
“Tausight is becoming the premier choice by hospitals and health systems throughout the U.S. healthcare industry for patient data protection. Our technology and partnership with small and enterprise health systems has resulted in Tausight inspecting more than 100 million files which contained nearly $3.2 Billion in shadow data risk” said David Ting, founder and CTO at Tausight. “We’re providing exactly what healthcare providers and patients deserve in the current cyber environment: a smart and simple approach to defending themselves against the sinister actions of cybercriminals.”
Tausight also garnered multiple accolades in 2023 that reflect the company’s growing market position. These include receipt of the “Healthcare Tech Outlook Award” as the Top Healthcare Security Solutions Provider and selection as Showcase Winner of the 5th Annual Massachusetts Cybersecurity Entrepreneurship Forum. In addition, Tausight founder David Ting appeared as a guest on Newsday’s This Week in Health podcast, and his interview became the “Most Listened To Episode” of 2023.
“Tausight enjoyed a record year in 2023 in terms of growth and industry recognition, and we will continue this momentum into 2024 and beyond,” said Nydam. “Our mission is to empower healthcare organizations with better, stronger AI than their adversaries so we can end the cyber-crisis. Tausight is positioned to be the ongoing guardian of patient health data for the healthcare industry.”
Tausight is healthcare’s first AI-powered ePHI security company with a vision of reducing healthcare-specific cybersecurity incidents by leveraging the power of AI to detect and manage PHI risk in today’s decentralized healthcare ecosystems. Founded in 2018 by healthcare security pioneer David Ting and led by healthcare visionary Frank Nydam, Tausight is backed by top-tier healthcare investors Polaris Partners, Flare Capital Partners, and .406 Ventures, and is based in Boston, Massachusetts. For more information, visit: www.tausight.com and follow us on LinkedIn and Twitter (@Tausight).