money_handingCybersecurity is costing the healthcare industry an arm and leg, so to speak. A new report from Politico shows that everything from legal costs to cyber insurance brings with it a hefty price tag thanks to the proliferation of data breaches. To learn more, read this article in Becker’s Hospital Review.

The recent wave of healthcare data breaches and their extremely high recovery costs has reinforced the urgent need to invest in protecting the digital patient medical records healthcare organizations have spent billions of dollars to install, according to a recent report from Politico.

The report outlined several costs related to data breaches.

  • One healthcare record can be exchanged for up to $50 on the black market, 10 times as much as a stolen credit card number.
  • Legal costs and credit protection could amount to $20 for each hacked patient record.
  • Hacks already cost the healthcare industry approximately $6 billion a year.
  • It is estimated that $2 billion worth of health-related cyber insurance was sold on the black market last year, and the market is experiencing 20 to 25 percent growth per year.
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