No industry has taken cybercrime on the chin more than healthcare over the past years. That trend continues in 2024, as global data breaches cost healthcare $9.77 million between March 2023 and February 2024.
IBM released its 2024 report on the subject. Commenting on healthcare’s unchallenged status as the hardest-hit industry in the world, the healthcare remains a target for attackers since the industry often suffers from existing technologies and is highly vulnerable to disruption, which can put patient safety at stake. Cybersecurity teams are consistently understaffed. More than half of breached organizations faced severe security staffing shortages, a skills gap that increased by double digits from the previous year.
IBM notes two major developments in the findings:
1.The global average cost of a data breach increased 10% over the previous year, reaching $4.88 million, the biggest jump since the pandemic.
2.On the defender side of the equation, researchers found applying security AI and automation is paying off, lowering breach costs in some instances by an average of $2.2 million.