Page 46 - Cyber Defense eMagazine August 2024

P. 46

Escalating Cyberattacks in the Healthcare Sector

by Ariel Novak, Vice President, Cybersecurity, PAN

The healthcare sector has become a prime target for cyberattacks, with the frequency and sophistication
of these attacks increasing rapidly over the last several months. More than 124 million records were
compromised in healthcare hacks last year. This escalation poses significant risks, including the potential
for compromised patient data, severe financial losses for healthcare organizations, and – most
concerning – disrupted healthcare services. Earlier this year, the Change Healthcare cyberattack, which
cost UnitedHealth $872 million, may have encouraged bad actors to target the healthcare industry further,
seeking financial gain. The cybersecurity industry is evolving in response to these types of attacks, and
healthcare organizations – and the tech industry at large – are adopting new strategies and technologies
to protect themselves.

Why the healthcare sector?

The number of reported cyberattacks directed at American hospital systems nearly doubled from 2022
to 2023. The healthcare sector is particularly vulnerable to cyberattacks for several reasons. Generating
about 30% of the world’s data volume, healthcare organizations hold vast amounts of valuable data,
including personal health information (PHI), medical records, and financial information. This data is in
high demand on the black market because it can be used for identity theft, insurance fraud, and other

41 42 43 44 45 46 47 48 49 50 51