Cybercrimes have accelerated during the pandemic, with cyber criminals taking advantage of the crisis. Ransomware incidents and the subsequent efforts to ensure cybersecurity for healthcare systems are affecting hospital financials by increasing ongoing operating expenses, according to a report by Fitch Ratings.
The recovery time and costs associated such breaches in critical data, therefore not only results in significant financial burden, but may also hamper the overall ability of the healthcare institution to provide care. This could ultimately have an impact in terms of human lives- a scenario that would only further deepen restrections from the stringent regulatory frameworks.
U.S. health insurers face growing risks from emerging cybersecurity threats due to the growing use of sophisticated techniques by cybercriminals. The scenario is compounded by a positive expansion of remote healthcare delivery, and the growing digitization of insurance transactions, billing, and clinical records. Health insurers and related third parties that fail to inventory and protect sensitive customer information face increased financial, reputational, operational and regulatory risks from cyberattacks.
