- The healthcare industry has been termed “the most heavily targeted industry for ransomware attacks,” with serious cases increasing from 43 in 2016 to 91 in 2021
- According to Sophos, cybersecurity attacks in this industry attracted remediation costs of about $1.85 million in 2021, up from $1.27 million in 2020, with the most common disruptions including downtime, cancellations of scheduled care, and ambulance diversions
- SideChannel recognizes this issue, and through its team of vCISOs it offers top-tier cybersecurity programs specific to the healthcare sector, ultimately allowing parties to protect their data and assets while ensuring the smooth running of daily operations
- With the growing cases of data breaches worldwide, SideChannel sees a spike in demand for its products and services, and is taking advantage of the growing cybersecurity market, estimated to hit $266.2 billion by 2027
SideChannel (OTCQB: SDCH), a company on a mission to make cybersecurity simple and accessible, is constantly evolving its products and services in response to the rapidly changing cybersecurity environment. This has seen its service offerings expand into a range of industries, including biotech, manufacturing, legal, defense, fintech and others. In particular, healthcare is a sector currently seeing a spike in cybersecurity attacks, and SideChannel is committed to addressing this issue.
A study published by the Journal of the American Medical Association (“JAMA”) in 2022 noted that between 2016 and 2021, the annual number of ransomware attacks more than doubled, from 43 to 91. The report also noted that 44.4% of the cohort disrupted healthcare delivery, with 8.6% leading to disrupted operations of more than two weeks (https://ibn.fm/wnYrG). According to Sophos, a cybersecurity firm, such attacks attracted a remediation cost of about $1.85 million in 2021, up from $1.27 million in 2020, with healthcare establishments such as Tenet Healthcare, based in Dallas, incurring a loss of about $100 million attributed to a single ransomware attack (https://ibn.fm/Adux4).
The study established that common disruptions associated with ransomware attacks included downtime at 41.7%, cancellations of scheduled care at 10.2%, and ambulance diversions at 4.3%. In addition, day-to-day cyberattacks can lead to breached records, with a recent incident at the Southern Ohio Medical Center resulting in leaked data of more than 15,000 individuals (https://ibn.fm/SPmFj).
The healthcare industry has been termed “the most heavily targeted industry for ransomware attacks,” closely followed by critical manufacturing and government. SideChannel recognizes this issue and looks to remedy the situation, particularly given how integral the healthcare sector is. Through its team of virtual Chief Information Security Officers (“vCISOs”), the company is offering top-tier cybersecurity programs for the healthcare sector, ultimately protecting their data and assets while ensuring the smooth running of day-to-day operations.
“Where we step in is, obviously, identifying and knowing what can slow (the attackers) down, what can stop them, (and) what can be built at an organization that allows you to feel much better about your cybersecurity posture in addressing those risks and addressing regulatory concerns, and addressing the questions from your board or your C-suite- being able to put your customers’ concerns at ease,” noted Brian Haugli, SideChannel’s CEO (https://ibn.fm/Q2IG7).
With the growing cases of data breaches worldwide, SideChannel sees a spike in demand for its products and services. By tailoring them based on the industries it targets, the company is differentiating itself from the other players in the industry. It does so while offering a unique value proposition that sees healthcare organizations, manufacturing firms, and companies within the fintech space procure its products and services. In addition, its approach is helping the company take advantage of the growing cybersecurity market, estimated to hit $266.2 billion by 2027 while also creating value for its shareholders.
For more information, visit the company’s website at www.SideChannel.com.
NOTE TO INVESTORS: The latest news and updates relating to SDCH are available in the company’s newsroom at https://ibn.fm/SDCH
