Five things to know:
- In 2020, 560 healthcare organizations were victims of ransomware attacks, the report said.
- Ransomware attacks cost healthcare organizations $20.8 billion in downtime in 2020, double the amount it cost in 2019, according to a Comparitech report cited by CynergisTek.
- A separate IBM report found data breaches in the healthcare industry cost an average of $9.23 million.
- The cost of ransomware payments has put a strain on hospital budgets. Nonprofit hospitals and health systems have been especially affected by the costs of relentless cyberattacks.
- “Ransomware pay-outs and efforts to protect or ‘harden’ healthcare systems and cyber defenses are affecting hospital financial flexibility by increasing on-going operating expenses,” Fitch Ratings said July 22. “Attacks may also hinder revenue generation and the ability to recover costs in a timely manner, particularly if they affect a hospital’s ability to bill patients when financial records are compromised or systems become locked.”
At the Becker's 11th Annual IT + Revenue Cycle Conference: The Future of AI & Digital Health, taking place September 14–17 in Chicago, healthcare executives and digital leaders from across the country will come together to explore how AI, interoperability, cybersecurity, and revenue cycle innovation are transforming care delivery, strengthening financial performance, and driving the next era of digital health. Apply for complimentary registration now.