So far this year, there have been 386 reported cyberattacks on healthcare entities and third-party healthcare service providers. Clinical leadership and staff are all too aware that these crimes do not just threaten patient privacy and health system or facility funds—they threaten patient lives and outcomes. Hospitals and health systems that experience cyberattacks see procedure and test delays, increased procedure complications, longer wait times and lengths of stay for patients receiving care, and a 21.5% increase in patient mortality on average across four types of cyberattacks (Cloud compromise, ransomware, supply chain attacks, and business email compromise [BEC]). Cyberattacks directly and significantly impact clinical staff’s ability to perform their jobs, with an average cost of $1.1 million lost to reduced productivity.
Ever-Growing Risk
A successful cyberattack may result in data theft, patient identity theft, financial fraud, and blackmail. The average cost of a healthcare data breach rose to $11 million in 2023, over 50% more than the average cost in 2020. Cyberattacks also lead to long-term issues. Patients may lose trust in health systems and facilities impacted by cyberattacks, which can lead to a loss of business over time. Additionally, expenses like cyber insurance, legal fees, and regulatory fines only exacerbate the immediate cost of a cyberattack, making it even more difficult to recoup lost revenue with a potentially reduced client base.
Cybercriminals are constantly adapting and using more sophisticated methods, which makes healthcare a growing target. Third-party vendors, contractors, and interconnected devices—while necessary as healthcare evolves—expand the healthcare industry’s areas of vulnerability. New threats are cropping up: More international cooperation between nation-state-sponsored hackers and international ransomware groups means healthcare organizations must constantly be on the offensive to prevent devastating cyberattacks.
Your Partner in Data Protection
At VMG Health, our Cybersecurity, Risk & Disputes division serves as the ideal strategic partner for protecting sensitive patient data and ensuring compliance with strict regulatory requirements. Complex healthcare business models often involve multiple parties, partners, and contractual arrangements, increasing the risks of disputes and lawsuits. Our industry experts help organizations prepare for and defend against cyber threats, disputes, and litigation.
VMG Health’s experts are committed to empowering healthcare organizations to navigate the complexities of cybersecurity and data breaches with confidence and precision. We offer proactive protection for your digital assets through advanced threat detection, multi-factor authentication, regular audits, and continuous monitoring to identify and mitigate vulnerabilities before exploitation. In the event of a cyber incident, our dedicated team of forensics, IT, and communications experts take swift action to minimize the damage caused by cyberattacks—both for your business and for your patients.
During cyber crisis, our team has your back. Our crisis management services provide strategic planning and coordination with internal and external teams, ensuring effective communication and response during cyber crises, including prompt and transparent notifications to affected individuals and regulatory bodies.
In the wake of a cyberattack, we update credentials after breaches and recover compromised data, restore systems, and recreate events to develop effective recovery plans that help prevent future breaches. Future-proofing your organization is our goal: We provide continuous monitoring and actionable insights, including tracking dark web activity, to proactively address emerging threats.
The VMG Health Commitment
Our commitment to excellence, combined with our deep industry and technical expertise, makes us a trusted partner for organizations seeking to navigate the complexities of cybersecurity and data breaches. At VMG Health, we understand the complex regulatory, contractual, and financial landscapes that healthcare organizations navigate. By combining industry expertise with advanced analytics, we unlock the full potential of healthcare data, offering innovative solutions to mitigate privacy risks, ensure regulatory compliance, and address even the most intricate legal challenges.
Our holistic approach empowers organizations to safeguard their operations while maintaining the highest standards of patient care and data security. Contact VMG Health to experience the cyber support and protection your business, staff, and patients deserve.
Sources
Riggi, J. (October 4, 2024). A Look at 2024’s Health Care Cybersecurity Challenges. American Hospital Association. https://www.aha.org/news/aha-cyber-intel/2024-10-07-look-2024s-health-care-cybersecurity-challenges
Mee, P. & Southerlan, E. (2023). Seriousness of Cyberattacks in Healthcare Cannot Be Ignored. OliverWyman. https://www.oliverwyman.com/our-expertise/perspectives/health/2023/oct/seriousness-of-cyberattacks-in-healthcare-cannot-be-ignored.html#:~:text=Compromising%20patient%20data%20and%20privacy,-Healthcare%20providers%20store&text=A%20successful%20cyberattack%20can%20lead,a%20breach%20can%20be%20immense
Ponemon Institute. (2023). Cyber Security in Healthcare: The Cost and Impact on Patient Safety and Care. Ponemon Institute. https://www.proofpoint.com/us/cyber-insecurity-in-healthcare#:~:text=Fifty%2Done%20percent%20of%20surveyed,in%20mortality%20rates%20(21%25)
