The cyber attacks (especially ransomware attacks) on the health sector have been increasing in recent years. Health sector players have to take this fact into consideration in order to avoid being the next cyber victim of the cyber crime market.
UnitedHealth states that the total costs of the February cyber attack for the first quarter of 2024 stands at $872 million. The total cost reached "$1 billion" with the remediation costs, including a $22 million payment to the ALPHV/BlackCat-affiliated ransomware group. (If you hire 20 cyber security experts each for $250,000, it will cost you $5 million per year.)
This attack also had effects on their shares. ($0.74 per share.)
"It's a charge that eclipsed that of casino group MGM, which didn't pay a ransom following an attack on its systems last year, and which faces recovery costs of $100 million to rebuild its systems and paying for the fallout from outages, operational disruptions, allegedly leaked data and more."
"The company warned that, financially, the total cost of the cyberattack is estimated to be between $1.35 billion and $1.6 billion for calendar year 2024."
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