Healthcare Breaches Costliest for 12 Years Running, Hit New $10.1M Record High

The 2022 Cost of a Data Breach report by IBM Security and the Ponemon Institute has underscored the high costs of data breaches in the healthcare sector, which have risen to an average of $10.1m per breach globally. The report highlights a steady increase in data breaches in the sector, alongside a rise in records lost in each breach. It also found that healthcare breaches are over double the average cost of cyberattacks in other industries. Reasons include longer detection and containment periods, costly downtime, the high value of healthcare records, and hefty HIPAA regulatory fines. The report recommends strategies to reduce these costs, including multi-factor authentication, zero-trust security models, a mature cloud strategy, and security automation.