Hospitals continue to experience frequent and severe cyberattacks but may not be prioritizing financial resources to beef up security because of rising cost pressures that are slashing operating margins, Fitch Ratings warned in a new report cited by Healthcare Dive.
Risk mitigation requires greater investment in hardware, software and internal controls to prevent cyber breaches, but nonprofit hospitals that are reporting thinner margins are instead focused on cost containment and revenue improvement measures, Fitch said. Many nonprofit hospitals are facing higher labor and supply costs that have significantly compressed margins so far in 2022. Read more.
