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Ransomware Attacks Threaten Healthcare Facilities

Jul 26, 2023

Last month, St. Margaret鈥檚 Health, a hospital in Spring Valley, Illinois, was forced to . They attribute the closure in part to a . The rural hospital had been struggling to stay afloat amidst the Covid-19 pandemic and staff shortages, and the ransomware attack crippled their operations beyond the point of recovery. The attack completely shut down all of St. Margaret鈥檚 Health鈥檚 computer systems, including email and patient portals, and, for months, were unable to submit claims to insurers, Medicare, or Medicaid.聽

St. Margaret鈥檚 Health is just one of the many healthcare facilities hit by ransomware attacks annually. In recent years, healthcare ransomware attacks have risen dramatically. In 2022 alone, an estimated were victims of ransomware attacks, resulting in leaked personal data, compromised patient care, and significant financial losses.聽

According to researchers at the University of Minnesota and University of Florida, the facilities most likely to be impacted by ransomware attacks are clinics, hospitals (like St. Margaret鈥檚), delivery organizations, and ambulatory centers. During a cyberattack, the attackers breach an organization鈥檚 computer systems and hold them 鈥渉ostage,鈥 preventing the organization from doing vital, everyday tasks 鈥 like processing payments, accessing patient records, dispensing medication, or managing appointments.聽

On average, the downtime from a ransomware attack is . During that time, patients are unable to receive the care they need. Facilities may be forced to delay elective surgeries or scramble to reschedule patients to neighboring facilities. In the case of a rural hospital like St. Margaret鈥檚, however, patients may not have many other options. The scheduling delays or time it takes to travel to another healthcare facility could be detrimental. , Melanie Malooley-Thompson, the closure of St. Margaret鈥檚 could mean some city residents will need to travel up to 30 minutes to reach another emergency room.聽

As healthcare cybersecurity concerns continue to , it鈥檚 more important than ever that healthcare facilities implement strong cybersecurity controls and practices, including securing adequate insurance coverage. Cyber liability insurance can alleviate the devastating costs of a ransomware attack by offering coverage for business interruptions, data loss recovery, incident investigation, ransom demands, and more.聽

When it comes to cyber liability, there鈥檚 a lot at stake 鈥 both in terms of finances and patient care. 麻豆放映免费鈥檚 National Practice Leader of Professional Lines, the importance of retail agents partnering with a specialized professional lines wholesaler:

鈥淎 specialist broker, like 麻豆放映免费, will know what policy forms are better than others 鈥 what policy forms, for example, are sublimiting ransomware coverage liability and which are giving you the full limit of liability. Our brokers do thorough policy comparisons on every risk and show our retail partners exactly what their insured is purchasing, along with how to explain it.鈥澛

As a leading insurance wholesaler, 麻豆放映免费 offers expertise in professional lines insurance that鈥檚 tailored to the specific needs and risks of the healthcare industry. Our broad market reach gives you access to dozens of markets, ensuring that your healthcare clients get the coverage they need. Speak with one of 麻豆放映免费鈥檚 specialists today to get a quote and learn more.

The 麻豆放映免费 Healthcare Insurance Team

The 麻豆放映免费 Healthcare Insurance Team

Healthcare industry risks are often complex and can have life-threatening impacts. It鈥檚 vital to partner with a wholesaler who can quickly pivot and adapt to the ever-evolving needs of your healthcare clients. 麻豆放映免费鈥檚 experience, relationships and expertise within the medical professional liability class make us a premier source of coverage for a wide variety of insurance needs. Regardless of the claims history, risk exposures, or operational complexities, our specialized brokers have you and your clients covered.
healthcare | Healthcare cybersecurity | ransomware attacks

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