Healthcare ransomware attacks cost US economy $77B

Ransomware attacks on healthcare have resulted in downtime-related losses of more than $77 billion for the U.S. economy, according to an Oct. 23 report from cybersecurity firm Comparitech. 

According to the report, since 2016, there have been 539 ransomware incidents targeting healthcare institutions in the U.S., affecting 9,780 healthcare facilities and potentially compromising more than 52 million patient records.

On average, ransomware attacks resulted in 14 days of downtime, but in certain instances, the damage took several months to fully restore.

Hackers sought more than $39 million in 34 attacks, with 31 out of 160 medical organizations confirming payment of the ransom. According to the report, medical organizations are more inclined to reveal when they have not paid the ransom compared to when they have.

The report also concluded that Conti, Maze, Hive, Pysa and LockBit were the most prolific hackers within the industry. 

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