Healthcare data breaches carry far higher costs than other industries, with average breaches reaching $9.7M and over $500 per record in 2024. Medical records fetch more than $1,000 each on the black market due to their sensitive, long-term value for fraud, identity theft, and insurance scams. HIPAA and HHS enforcement add regulatory risk, with fines and corrective actions compounding costs. Direct expenses include notifications, legal fees, and forensics, while indirect costs—lost trust, reputational damage, and business disruption—are often greater. With ransomware on the rise, Coalfire recommends administrative, physical, and technical safeguards, stressing HIPAA compliance, encryption, audits, training, and incident response to reduce risks.

Join for free to read