According to the IBM Cost of a Data Breach Report 2024, the global average cost of a data breach reached $4.88 million this year, a 10% increase over 2023.
For the healthcare industry, the report offers both good and bad news. The good news is that average data breach costs fell by 10.6% this year. The bad news is that for the 14th year in a row, healthcare tops the list with the most expensive breach recoveries, coming in at $9.77 million on average.
Ransomware plays a key role in creating this cost differential. As noted by data from the Office of the Director of National Intelligence, the number of ransomware attacks almost doubled between 2022 and 2023. Recent large-scale attacks such as those on Change Healthcare and Ascension, meanwhile, have demonstrated the efficacy of these attacks in getting hackers what they want.
The result? Ransomware is on the rise. Here’s what healthcare organizations need to know about why ransomware works so well, what attackers want and how past compromises drive future trends.
Why ransomware works in healthcare
Healthcare data is valuable — not just financially but physically.
Consider a ransomware attack that finds and encrypts patient data. In the best-case scenario, patient treatment plans are temporarily delayed or put on hold. In the worst case, lives are at risk because staff can’t access critical patient information.
If healthcare companies hold t ..
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