The cost of data breaches in healthcare has hit a new record high, with the average incident costing a staggering $4.29 million in 2023, according to a recent report by IBM Security. This represents a significant increase from the previous year’s figure of $4.24 million, marking a troubling 1.2% rise. This escalation underscores the growing vulnerability of healthcare institutions and the alarming financial and reputational consequences of data breaches in this critical sector.
A prime example of this escalating cost is the recent cyberattack on Anthem, Inc., a major health insurance provider, which exposed the personal information of over 79 million people. The company estimates the financial impact of the breach to be between $1.1 billion and $1.5 billion, highlighting the devastating financial consequences of such incidents.
The report also mentions the data breach at LBM Healthcare, a large physician group, which compromised the data of nearly 3 million patients. While the full financial impact of this incident is still under investigation, it serves as another reminder of the growing risk and cost associated with healthcare data breaches.
