Cost of a data breach: Healthcare industry impacts

Data breaches in healthcare are becoming costlier, with the average breach costing $10.93 million, the highest among all industries, according to the 2023 Cost of a Data Breach Report. Factors contributing to this include persistent online criminal activity, lengthy detection and containment periods, and stringent regulatory standards. Despite lagging cybersecurity investment, the healthcare industry can reduce costs and enhance data protection through incident response teams, AI, automation, and adherence to privacy and security regulations such as HIPAA.