Healthcare breach costs soar to record high numbers

Health and Wellness Informatics News

Healthcare breach costs have skyrocketed to more than $10 million.

The latest IBM X-Force report on the cost of a Data breach gave these worrying numbers. This is in continuation of a 12-year trend. Last year, the average total breach cost $9.2 million. Hence it is a 9.4% increase from last year.

The study also reported that it required 11 months for an organization to find and arrest a healthcare breach. This means that the healthcare sector has the highest breach cycle among all industries.

Healthcare breaches have a high per record cost of $250 per record. This is almost 80% higher than the worldwide average.

The Healthcare industry is a prime target for hackers. Operational and downtime costs in this industry are high as well as time-constrained. Cybercriminals use this sense of urgency to their leverage. They use ransomware attacks to get their victims to do what they want.

Another factor driving up costs is the high breach cycle. The report stated that it took 232 days to find and another 85 days to mitigate a data breach. The relative complexity of healthcare environments is responsible for this high breach cycle.

The healthcare breach is also indirectly increasing prices. Companies facing data breaches pass on the cost to their buyers. This price rise also gets amplified across the supply chain. Four out of five companies have had data breaches, and all of them pass on the cost down the supply chain.

Healthcare organizations need to invest in security infrastructure to contain this threat. In addition, they need to constantly prepare for all possible data breaches because hackers will find new ways to break into hospital networks.

They should design a protocol to mobilize in any data breach scenario and quickly thwart the attack. In addition, healthcare institutions should follow a zero-trust security strategy to fight these attacks. This could include the use of multifactor authentication in access management. It reduces hackers’ potential to use compromised user credentials.

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