Data breach cost crests $4 million: Ponemon Institute

click to enlargeThe average fully allocated cost of a data breach, according to the 2016 Ponemon Institute study (sponsored by IBM) is now over $4 million. The average global cost of every lost or stolen record is $158, but for healthcare organizations, that average cost is $355 per record, which reflects the higher street value of healthcare information. Healthcare was the second most ‘churned’ type of organization, surpassed only by financial services. Across the industries surveyed, hacking and ‘inside jobs’ caused the most data breaches overall–48 percent. (Hackermania does really run wild!) Healthcare organizations can mitigate costs by being proactive in detecting breaches early, having a CISO (chief information security officer), instituting employee training and awareness programs, deploying encryption and endpoint security plus a business continuity management plan. Ponemon/IBM website. Healthcare IT News

Threat hunting is also emphasized in a second Ponemon study sponsored by Raytheon, which recommended offensively hunting down threats to data security, and defensively setting up a security barrier to protect patient data and care systems. With nation-state attacks (think China and Russia), ransomware, compromises due to IoT (add outdated software), and physical data theft, the game is now complete control rather than plain ol’ disruption. After the attack, when most healthcare organizations finally get into gear on cyberthreats, is far too late. Ponemon/Raytheon ‘Don’t Wait’. Healthcare IT News

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