Half of payers say they’ve had a data breach in the last 5 years

The report, published Nov. 2, analyzed data breach incidents at 41 of the nation’s largest 100 payers. 

Of those surveyed, 49 percent said they had a data breach during the last five years. 

Here are five more numbers to know from the report: 

1. Of the payers that reported a data breach, 85 percent said the incident negatively impacted their reputation. These breaches can have consequences for enrollment — of payers who had a data breach, 40 percent reported a lower enrollment rate for new members, and 55 percent reported a lower re-enrollment rate for existing members after the incident. 
2. Social engineering scams were the most common type of cyberfraud payers surveyed contend with, with 35 percent reporting more than five of these attacks a month. 
3. Ransomware attacks are also frequent — 30 percent of payers surveyed said these happen more than five times a month. 
4. The average number of data breaches in the past five years across the study was 3,379. The average cost of containing a data breach for payers was $5.39 million. 
5. The study found that every $1 spent to contain a breach actually costs payers $3.23 based on additional costs resulting from the breach, like restitution and lost customers.