Moody's: Hospitals lack transparency when disclosing data breaches

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The level of transparency and the details at which hospitals, health systems and other businesses report cybersecurity incidents varies greatly, according to an Oct. 3 Moody's Investors Service report.

"The absence of detailed disclosures makes it more difficult to analyze a company's cyber posture, and as cyberattacks increase in frequency, could hurt investors confidence and complicate efforts by companies to raise capital and access liquidity," said Lesley Ritter, vice president and senior cyber risk analyst at Moody's.

Hospitals and other healthcare organizations are among the businesses most exposed to cyber risks. However, hospitals are among the least transparent organizations when it comes to detailing data breaches, the report found. 

Retail, lodging, health insurance, medical devices and transportation services were among the sectors that provide the least amount of information.

The financial industry discloses extensive details about security incidents, addressing cyber risk oversight and mitigation strategies.

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