Ransomware Downtime Costs US Healthcare $21.9 Bn Daily

The study highlights 654 ransomware incidents targeting healthcare providers since 2018, with 143 cases recorded in 2023 alone, marking a record high.

Ransomware attacks have significantly burdened US healthcare organizations, causing $21.9 billion in downtime losses over six years, according to a report by Comparitech. 

The study highlights 654 ransomware incidents targeting healthcare providers since 2018, with 143 cases recorded in 2023 alone, marking a record high.

Each ransomware incident has resulted in an average of 17 downtime for healthcare organizations, with disruptions peaking in 2022 at 27 days per event. Rebecca Moody, head of data research at Comparitech, explained the dire impact of these attacks on healthcare systems.

"Healthcare organizations can ill-afford downtime. Losing access to systems can cause widespread chaos, delayed healthcare, and even errors in medication dispensing," Moody said. 

The report revealed that ransomware attacks compromised over 88.7 million patient records from 2018 to 2024, including 26.2 million breaches in 2023 alone. 

"One of the most significant changes in ransomware attacks has been the increased focus on stealing large amounts of data. If we look at the top 10 ransomware data breaches since 2018, seven occurred in 2023 and 2024." Moody added.

Further, Moody stressed the importance of preparedness in mitigating ransomware's impact on healthcare organizations.

"The key is being prepared for the worst-case scenario. Having an incident response team, a communication plan, and clear instructions for managing threats and recovering data can help healthcare companies recover quickly," she stated. 

The report highlighted that while frequent data backups are essential, many organizations struggle to implement them due to budget limitations and insufficient employee training.

Moody also pointed to the growing use of double-extortion tactics, where hackers encrypt systems and exfiltrate sensitive data to pressure organizations into paying for ransomware.

"Hackers often leverage the urgency in healthcare operations to their advantage, increasing the stakes for timely ransom payments," she said.

Moody concluded with a call for improved cybersecurity strategies to safeguard patient data and maintain operational integrity.

"Having a plan in place can help hospitals and clinics maintain continuity of care, even during prolonged system outages," she said.