Hospitals and health systems are falling behind in implementing better cybersecurity measures and will need to increase their investments in cybersecurity to better defend against attacks, an April 11 Moody's report found.
Here are four takeaways from the report:
- Healthcare organizations are rich in data, and with the increased use of digital technologies as well as third-party softwares, this can create more vulnerabilities in which hackers can exploit. These attacks can also lead to disruption of medical operations and can compromise sensitive patient data, which can lead to increased regulatory pressure or reputational damage for a healthcare organization.
- Healthcare organizations are lagging behind other industries at implementing better cybersecurity practices. The report said not-for-profit healthcare organizations are at a "very high risk" for cyberattacks and corporate healthcare organizations are at a "high risk" for cyberattacks.
- With hospitals and health systems facing financial strain, investing in better cybersecurity practices is becoming harder. In addition, cyber insurance is increasing and making it more costly for healthcare organizations to invest in.
- Hospitals and health systems must ensure that they are being transparent when it comes to reporting cybersecurity breaches with stakeholders as they can help come up with remedies for dealing with an attack. In addition, transparent communication can lead to less reputational damage to the organization.