That’s up 10% from last year’s study, and is the highest in the 17 years the two organizations have been tracking the cost to businesses from data breaches.

As Security Intelligence notes notes, the new record partly reflects survey respondents’ predictions last year that remote work and other pandemic-related factors would drive up the price tag from a breach. Indeed, according to the new IBM study, data breaches cost an average of $4.96 million when remote working was involved, versus $3.89 million when it wasn’t.

As Quartz observes, the healthcare industry has also been exceptionally alluring for hackers when they could threaten to shut down hospitals during a global pandemic. According to the IBM study, healthcare was the industry with the highest average cost, at $9.23 million per incident. That’s up from $2 million last year. Next up was the financial industry, with an average cost of $5.7 million per incident, followed by pharmaceuticals ($5 million), technology ($4.9 million), energy and services ($4.7 million each) and industrial ($4.2 million).

There were some silver linings in the report, as ZDNet points out. IBM found that modern approaches, such as the adoption of artificial intelligence, security analytics and encryption, saved companies from $1.25 million to $1.49 million compared to companies without those three top mitigating factors.

As VentureBeat notes notes, data breaches are costing more than ever at a time when the cybersecurity skills crisis continues to trend downward. According to a fifth annual study by the Information Systems Security Association in partnership with the Enterprise Strategy Group, 95% of cybersecurity professionals surveyed say the cybersecurity skills shortage has not improved in recent years and 44% say it has just gotten worse.