Healthcare Triangle (NASDAQ: HCTI) Launches Initiative To Prevent Ransomware Attacks In The $35 Billion Healthcare Data Market

Healthcare Triangle, Inc. HCTI, a digital transformation solutions company for the healthcare and life sciences industry, is launching a new initiative to support companies against ransomware attacks. Healthcare Triangle services include managed services, cloud enablement and data analytics, and its initiative will give healthcare organizations the tools and guidance to prevent and respond to ransomware incidents. 

Healthcare Triangle is launching this initiative as it positions itself as a leader in the healthcare cloud and data management sector. The company will be educating healthcare organizations on best practices to increase their resilience in the face of ransomware attacks. Healthcare Triangle has identified three key topics that organizations using its ransomware initiative will benefit from learning about. These topics are:

• The importance of incident response planning and testing, plus how everyone can contribute to basic cybersecurity hygiene in healthcare and help minimize the impact of ransomware attacks.
• Developing important preparation and prevention strategies against ransomware attacks.
• The importance of early detection and rapid response to ransomware attacks when they occur.

Lena Kannappan, Head of Business, Strategy and Partnerships for Healthcare Triangle, commented on the initiative’s launch, “Generative AI and data modernization technologies can play a key role in improving patient outcomes and streamlining healthcare operations. However, looming ransomware threats can severely impact patient care, disrupt operations, cause financial losses, put community lives at risk, and force hospitals to shutter operations. With our new ransomware initiative, our company’s goal is to take a proactive leadership role in educating and equipping healthcare systems, especially rural hospitals in need, with critical resources for improving their preparedness, prevention, detection, response, and recovery from ransomware incidents.” 

Healthcare Triangle’s Initiative In A Growing Market

Healthcare Triangle’s new initiative could be a significant contribution to a market that is predicted to see major growth in the coming years. The importance of data’s role in healthcare is increasing rapidly as more content is digitized and people have more and more daily interactions with digital devices, apps and monitoring technologies. 

This data powers the global healthcare analytics market, which was worth $35.3 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 21.4% from 2023 to 2030. Healthcare data is also predicted to grow faster than any other data segment, including manufacturing, financial services, or even media and entertainment. In 2018, the healthcare industry generated around 30% of the world’s data, and by 2025 that number is expected to reach 36%. 

Ransomware Threats To Healthcare Data 

Unsurprisingly, ransomware and malicious attacks against healthcare institutions have increased as the volume of digital data has increased. Ransomware attacks on the U.S. healthcare sector doubled from 2016 to 2021 and led to confidential medical information being compromised for around 42 million patients.

A report from the Federal Bureau of Investigation (FBI) indicated that, in 2022, more ransomware attacks were made against the healthcare sector than any other critical infrastructure sector. There were 210 ransomware attacks targeting the hospital sector, while the next most attacked sector was critical manufacturing, with 157 reports of attacks. 

Rural hospitals that face budget constraints limiting their ransomware protection are especially vulnerable and require assistance from the federal government. The government is beginning to pay attention, and Healthcare Triangle has applauded the actions of  Senator Josh Hawley, whose bill, the Rural Hospital Cybersecurity Enhancement Act, has passed a Senate committee and is on its way to the Senate floor. Congress is also taking steps, including through the Joint Ransomware Task Force (JRTF), which is addressing the increasing threat of ransomware attacks.

Other companies involved in data management in healthcare include SCWorx WORX and HealthLynked Corp. HLYK.

Learn more about Healthcare Triangle by visiting its website. 

Featured photo by NASA on Unsplash.

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