Cyberattacks Can Cost US$23.3 Mln Loss For A Healthcare Organisation

A cyberattack incident can cost a large healthcare organisation in Asia Pacific an average of US$23.3 million in economic loss - study

By Nurul Hannah Mohd Yusof

KUALA LUMPUR, Feb 21 (Bernama) -- A Frost & Sullivan study commissioned by Microsoft found that a cyberattack incident can cost a large healthcare organisation in Asia Pacific an average of US$23.3 million in economic loss.

Microsoft Malaysia  said in a statement today, for mid-sized healthcare organisations, the average economic loss was US$17,000.

The study revealed the highest economic impact of cybercrime was loss of customers and three out of five (60 per cent) cybersecurity attacks against healthcare organisations over the last 12 months resulted in job losses across different functions.

It said the survey aimed to provide business and IT decision makers in the healthcare sector with insights on the economic cost of cyberattacks and to help to identify any gaps in their cybersecurity strategies.

The initial study involved a survey of 1,300 business and IT decision makers ranging from mid-sized organisations (250 to 499 employees) to large-sized organisations (more than 500 employees), of which 11 per cent belong to the healthcare industry.

SECURITY INCIDENT

The study uncovered that almost half (45) of healthcare organisations had either experienced a security incident or were not even sure if they had had had a security incident.

Among the multitude of cyberthreats that healthcare organisations face, web defacement and data exfiltration have the highest impact and often result in the slowest recovery time.

“Technology advances at a fast pace, so do cyberthreats,” said the Lead of Regional Business, Microsoft Asia, Keren Priyadarshini.

The study also showed that four out of five healthcare organisations are adopting Artificial Intelligence (AI) to augment cybersecurity capabilities.

More healthcare organisations are noted to rely on AI-powered systems and cognitive services to improve medical professionals’ efficiency and workflow and enhance clinical expertise at scale.

“While Healthcare organisations in Asia Pacific are committed to the digital transformation of their business, it is as critical for them to be prepared to deal with cybersecurity threats that are growing more sophisticated,” added  Priyadarshini.

-- BERNAMA