What Is the True Cost of a Data Breach in Healthcare?

The growing threat of data breaches in all industries continues to be one of the most important yet overlooked aspects of a sound business strategy.

Fremont, CA: Regrettably, the industry that collects the most sensitive (and vast) data is also vulnerable to cyber-attacks. And, unfortunately, the actual cost of a healthcare data breach is far greater than most people understand.

What do the numbers say?

According to IBM Security's 2020 data breach report, the healthcare business has the highest average cost per data breach, at $7.13 million.

The cost of a data breach in the healthcare industry is significantly higher than the cost of a data breach in any other industry. (IBM estimates it to be worth $3.86 million, or $1.49 per record.) Furthermore, the average time to detect and contain a data breach in the healthcare industry is 329 days, 96 days longer than the national average.

Each year, the cost of a healthcare data breach rises.

While the expenses of a breach continue to rise year after year, it's important to recognize COVID-19's unique nature and influence on these breaches. A large section of the population now works from home and connects to work networks digitally. That implies hackers have many more ways to get into security systems that aren't well-maintained or secure. More vulnerability has resulted as a result of this access than ever before. And, regrettably, the costs of data breaches will undoubtedly continue to rise.

How to deal with a data breach in the healthcare industry

If a corporation covers five important bases, it's much more likely that a healthcare data breach will be mitigated:

•  The proper security protocols in the correct order

•  A well-trained workforce An IT department that is adequately funded and handled

•  The capacity to keep an eye on the advice of professionals and security consultants.

While it may be challenging to prevent a breach completely, protections can be put in place to ensure that if one does occur, it is minor. At the same time, just a tiny amount of data has been compromised. Today is a better time than ever to talk about the threats your company faces and start working on a thorough cybersecurity plan! CloudNexus is here to have that conversation with you and help you find a solution.