A recent IBM report reveals that healthcare remains the hardest-hit industry by cybercrime, seeing data breach costs of $9.77 million between March 2023 and February 2024. This represents a 10.6% drop from the previous year, yet healthcare still far surpasses the financial sector at $6.08 million. The report underscores that legacy technologies and high disruption vulnerability make healthcare a prime target. Additionally, the study observed a 10% increase in the global cost of data breaches, reaching $4.88 million, largely driven by business disruptions and customer support post-breach. Security AI and automation have proven effective in reducing breach costs by an average of $2.2 million. However, a significant gap in skilled cybersecurity staff persists, exacerbated by growing threats and the rapid adoption of generative AI technologies.

Around the world, healthcare still pays more than any other sector for data breaches HealthExec

The article discusses the growing cybersecurity threats to medical devices and healthcare systems due to the increased connectivity brought about by the Internet of Things (IoT). These threats can jeopardize patient safety and compromise sensitive health data, as evidenced by instances like the FDA's recall of pacemakers and the significant data breach experienced by Change Healthcare. The risks are exacerbated by aging hospital infrastructure, particularly outdated MRI machines. Kirstin Simonson and Jennifer Ampulski from Travelers emphasize the importance of cyber insurance and robust cybersecurity practices throughout the supply chain, advising hospitals and healthcare providers to evaluate their partners' security protocols and leverage available resources to strengthen their defenses. Additionally, adhering to FDA guidelines and addressing misconceptions about cyber insurance coverage are crucial steps in mitigating these vulnerabilities.

When cyber risk meets healthcare insurancebusinessmag.com

Microsoft experienced a global outage affecting key products, including Outlook and Minecraft, caused by a DDoS attack compounded by inadequate defense implementation. The incident lasted nearly 10 hours, disrupting multiple services and causing widespread user complaints. The firm issued an apology and implemented a fix, committing to monitoring for full recovery. This event follows a recent major outage linked to CrowdStrike's flawed update. Services relying on Microsoft's platforms, such as Cambridge Water, HM Courts and Tribunals Service, and NatWest, were also impacted. The outages coincided with Microsoft's financial update, reporting weaker-than-expected growth in its Azure cloud services and a subsequent 2.7% share drop.

Microsoft apologises after thousands report new outage bbc.com

Delta Air Lines has enlisted attorney David Boies to seek damages from CrowdStrike and Microsoft following a significant software outage that led to mass flight cancellations. The incident, stemming from a CrowdStrike software update, resulted in extensive disruptions across multiple industries, with Delta being particularly affected. CrowdStrike's shares plummeted by up to 5% in extended trading as a result, and the Department of Transportation is investigating Delta's failures. The outages caused Delta to incur estimated losses between $350 million to $500 million and generated over 176,000 refund requests. Insurance startup Parametrix estimated the total loss for Fortune 500 companies, excluding Microsoft, at $5.4 billion.

Delta hires David Boies to seek damages from CrowdStrike, Microsoft after outage CNBC