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Ransomware attack on Change Healthcare pegged as "most significant" in sector history
March 21, 2024
Reinsurance News
Contributed by: Drex DeFord
Summary
The American Hospital Association has labeled the ransomware attack on Change Healthcare, a vital part of UnitedHealth Group’s Optum division, as the most significant cyberattack against the U.S. healthcare system to date. Occurring on February 21st, the attack disrupted services for Change Healthcare, a company responsible for processing 14 billion healthcare transactions annually. This incident has significantly affected doctors, hospital systems, and pharmacies, with predictions indicating a minimum of 30 days needed to restore core systems. UnitedHealth Group aims to restore some services by late March, while navigating the broader repercussions of the attack, including a $22 million ransom paid in Bitcoin. The situation highlights the healthcare system's vulnerability to cyberattacks and has prompted discussions on improving government responses and the role of cyber insurance in mitigating financial impacts on affected healthcare providers.
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