According to a new study from IBM Security and the Ponemon Institute, the cost of a data breach for healthcare organizations continues to rise, from $380 per record last year to $408 per record this year.
For the eighth year in a row, healthcare organizations had the highest costs associated with data breaches. The next highest industry was financial services with an average of $206 per lost or stolen record - half of what it cost the healthcare industry. The cost for healthcare organizations is also nearly three times higher than the cross-industry average of $148 per lost or stolen record.
On Tuesday, November 21, Uber officially disclosed a massive data breach that affected 57 million users of the ride-hailing app. The breach originally occurred in October of 2016 with Uber working to conceal it for over a year after paying a $100,000 ransom.
Discovery of the company’s cover-up of the incident resulted in the firing of two employees who led Uber’s response to the hack, said Dara Khosrowshahi, who was named CEO in August following the departure of founder Travis Kalanick.
Khosrowshahi said he had only recently learned of the breach, which happened in October 2016. He said Uber had begun notifying regulators. The New York attorney general has opened an investigation into the data breach, a spokeswoman said.
A report by Juniper Research predicts that data breaches will be responsible for $2.1 trillion in losses by 2019.
As our lives and business data continue to become more connected to the internet, Juniper Research predicts that cyber security incidents will become more expensive for businesses by nearly 400% between the years 2015 and 2019. While it is expected that attacks against mobile devices and the Internet of Things (IoT) devices are going to increase, the data currently supports that traditional IT and network infrastructure are the medium utilized for most breaches.