A recent report published by The Poneman
Institute/IBM Security released a comprehensive analysis of data breaches
reported in 2018. The report indicated that data breach costs have continued to
increase, with healthcare organizations experiencing the costliest cases.
Below are a few highlights from the report:
- Globally, the average costs of
data breaches have increased by 12%, with an average cost of $3.92 Million.
- The average breach size totals
- Average cost per breached
record is $150.
- The average cost of a data
breach in the US is $8.10 Million or $242 per record.
- Globally, the average cost of a
healthcare data breach totals $6.25 Million.
- The healthcare industry has the
highest breach costs. Averaging 65% more than data breaches in other industry
- The average cost of a
healthcare data breach in the United States is $15 million.
- The average cost of a healthcare
data breach has increased from $408 per record last year, to $429 per record.
- The average loss of customers
following a data breach is 3.9%. However, for healthcare organizations, this
number can be significantly higher.
The report also identified several factors
that can reduce the cost of a data breach. Most importantly, a rapid breach
response dramatically reduces overall costs.
- The first step to lowering the
cost of a breach is to form an incident response (IR) team.
- Companies that formed an IR
team, developed an IR plan, and tested that plan, reduced their breach costs by
an average of $1.23 million.
- The average time from breach to
discovery was 279 days. Companies that identified and remediated the breach
inside 200 days saved an average of $1.2 million.
For questions regarding your breach
response plan contact the experts at MedSafe. MedSafe is the nation's leading
one-stop resource for outsourced safety and health compliance solutions in
Toll-free: (888) MED-SAFE