In September 2020, Universal Health Services faced a widespread cyberattack that greatly impacted the system’s cost per share in the fourth quarter. During the attack, all IT applications were suspended and in some cases, patients had to be transferred to competitor hospitals. Some of these technology suspensions lasted into December 2020 and overall the organization lost $67 million. While the cyberattack caused a major impact on IT infrastructure, there haven’t been any reports on personal data misuse. Universal Health Services reps reported that commercial insurance should be able to recover almost all of the financial impact.
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In a world increasingly reliant on technology, the importance of cybersecurity cannot be overstated. The ever-evolving threat landscape poses a significant challenge to organizations, individuals,...