The cyberattack that hit Universal Health Services (UHS) in September has cost the healthcare service provider a whopping $67 million in damages, according to financial statements. A fourth-quarter earnings report last week from UHS highlighted the “significant incremental labor expense” needed to restore IT operations after the incident. UHS said that administrative functions – like billing – were also delayed, which had a “negative impact” on its operating cash flows in the fourth quarter. “As a result of these factors, we estimate that this incident had an aggregate unfavorable pre-tax impact of approximately $67 million during the year ended December 31, 2020,” according to the UHS earnings report. When it first occurred, the cyberattack disrupted various IT applications utilized by the Fortune-500 company, which is one of the nation’s largest hospital management firms. Throughout October, UHS said it worked to “substantially restore” these applications and its facilities “generally” resumed eventually. “We estimate that approximately $12 million of the unfavorable pre-tax impact was experienced during the third quarter of 2020, and approximately $55 million was experienced during the fourth quarter of 2020,” the report said. UHS Cyberattack: Breaking Down the Financial Damages While UHS didn’t mention what kind of attack it suffered, reports pointed to the Ryuk ransomware as the culprit. However, there was no mention of ransomware – or losses incurred from a paid…
0 0 govanguard https://govanguard.com/wp-content/uploads/2018/04/Header_Logo.png govanguard2021-03-02 16:27:002021-03-02 16:27:00Post-Cyberattack, Universal Health Services Faces $67M in Losses
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