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Healthcare breach costs hit record high

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Global Edition

Privacy & Security

The newest IBM X-Force Cost of a Data Breach Report also shows healthcare organizations have the longest breach cycle of any industry, requiring nearly 11 months to identify and contain security incidents. The average breach costs in healthcare surpassed $10 million, with the industry maintaining its the top rank for costliest industry breaches for the 12th consecutive year, according to IBM X-Force’s latest Cost of a Data Breach Report.

The average total cost of a breach in healthcare increased from $9.2 million in the 2021 report to $10.1 million in 2022, an increase of 9.4 percent.

The study also found healthcare organizations have the highest breach cycle than any industry, requiring nearly 11 months to identify and contain a breach.

“In recent years, we’ve increasingly seen cybercriminals rely on the concept of leverage,” says John Hendley, head of strategy at IBM Security X-Force. “Healthcare is simply a very attractive and lucrative target as operations and downtime are considered both costly and urgent.”Malicious actors use this sense of urgency as leverage to pressure their victims – often through ransomware attacks.He explains another key factor driving up costs in healthcare is the very nature of healthcare records as […]

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