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Average cost of healthcare data breach rises to $7.1M, according to IBM report

The majority of organizations (76%) predict that remote work will make responding to a potential data breach a much more difficult ordeal. (ranjith ravindran/Shutterstock) A healthcare data breach comes with a hefty price tag—to the tune of $7.13 million on average.

That’s up more than 10% from last year, when the average data breach cost healthcare organizations $6.45 million, according to IBM Security’s 2020 data breach cost report .

Healthcare organizations continue to have the highest costs associated with data breaches, according to the report, which looked at more than 500 data breaches that occurred last year across 17 industries.

Across all industries, data breaches cost companies $3.86 million per breach on average, or $1.49 per record.

The IBM study found that 80% of these incidents resulted in the exposure of customers’ personally identifiable information (PII). Out of all types of data exposed in these breaches, customer PII was also the costliest to businesses.

As companies are increasingly accessing sensitive data via new remote work and cloud-based business operations, the report sheds light on the financial losses that organizations can suffer if this data is compromised.The financial impact of a data breach incident is often felt for years, according to the IBM study.Lost business […]

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