UnitedHealth Group now estimates that the cyberattack on its Change Healthcare business unit earlier this year will cost the company between $2.3 billion and $2.45 billion. The damage to its reputation and the economic fallout to its clients may be incalculable.

The company is not alone, as the cost of data breaches has reached record levels. IBM Security analyzed the rising expense associated with cyberattacks in its "Cost of a Data Breach Report 2023."

"Globally, the average cost of a data breach rose to $4.45 million, a $100,000 increase from 2022," the report says. "This represents a 2.3 percent increase from the 2022 average cost of $4.35 million. Since 2020, when the average total cost of a data breach was $3.86 million, the average total cost has increased 15.3 percent."

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Analysis
Cybersecurity