The Average Cost of a Healthcare Data Breach is Now $9.42 Million

IBM’s 2021 Cost of a Data Breach Report highlights a 10% YoY increase in average data breach costs to $4.24m per incident. Healthcare data breaches saw the average cost rise by $2m to $9.42m per incident while ransomware attacks were pegged at $4.62m. The report attributed the hikes to the drastic operational shifts wrought by the pandemic and the acceleration of remote working. Data breaches linked to remote work were costlier with cybersecurity technological adaptations mitigating losses.