A ransomware attack on the Industrial and Commercial Bank of China (ICBC), the communist county's largest bank, has reportedly caused a disruption at the U.S. Treasury market.
A ransomware attack on the Industrial and Commercial Bank of China (ICBC), the communist county's largest bank, has reportedly caused a disruption at the U.S. Treasury market.
Six hospitals and healthcare companies have filed for bankruptcy so far this year due to reimbursement challenges, declining patient volumes, and a turbulent economic climate.
Ransomware has affected healthcare for decades, but organizations have become increasingly vulnerable as attackers have become brazen and more sophisticated. There's a financial and reputational impact: One health system had to settle with 126,000 patients for up to $3,000 each following a 2020 incident. And there's an operational impact: Two hospitals in Connecticut had to divert ambulances and close multiple outpatient facilities while computers were down earlier in 2023. Remediation can be costly. Not only do healthcare organizations need to get core business applications up and running again, they also need to recover lost revenue. An NCC Group analysis pegs the potential overall loss from a single ransomware attack at 30 percent of annual operating income. For one hospital St. Margaret's Health in Illinois the financial impact of a 2021 ransomware attack was enough to force the institution to close for good. "The cost is only going up," says Jon Nelso
Explore the common factors behind six hospitals, health systems and physician groups filing for bankruptcy in September - including EHR transition costs and rising practice costs.