Lexology November 4, 2024
As pernicious attacks increase, the industry faces an imperative to introduce strategies for warding off bad actors
The healthcare industry is a primary target for cybercriminals due to its massive repositories of sensitive patient information and widespread adoption of digital technologies. In 2023, for the 13th year in a row, it experienced the most costly data breaches of any other sector globally, averaging close to $11 million per breach—almost twice as much as the financial industry, according to the World Bank. The impact can be devastating to both patient care operations and the very survival of a hard-hit institution. St. Margaret’s Hospital in Spring Valley, Illinois, for example, permanently shut down operations in 2023, in part due to a cyberattack...
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