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Ransomware is ravaging healthcare orgs—and making it harder for them to get insurance

June 28, 2024
Healthcare Brew
Contributed by: Drex DeFord
Summary
Recent ransomware attacks on Change Healthcare and Ascension have highlighted the healthcare sector's vulnerability to cyber threats, underlining the industry's longstanding issues with data breaches. Healthcare organizations frequently face high costs associated with breaches, with the average cost peaking at $10.93 million in 2023. Although cyber insurance can offset some losses, underwriters now require more stringent cybersecurity measures, making policies complex and sometimes unaffordable for smaller entities. Despite a competitive insurance market, future rate increases are anticipated due to a rise in claims and the unique risks posed by the healthcare sector's critical data and operational uptime requirements.
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