Security News > 2021 > March > Universal Health Services Takes $67 Million Hit From Cyberattack
Healthcare services provider Universal Health Services last week revealed that a cyberattack it fell victim to in September 2020 had an estimated financial impact of $67 million.
Within one month after the incident, hospitals were able to resume normal operations, with technology applications restored at acute care and behavioral health hospitals, and re-established connections to all major systems, including electronic medical records, laboratory, and pharmacy systems.
The company insists that "No evidence of unauthorized access, copying or misuse of any patient or employee data has been identified," but hasn't provided specific information on the nature of the attack to date.
In its 2020 fourth quarter and full year financial results report last week, the company revealed that the attack "Had a pre-tax unfavorable impact of approximately $67 million during the twelve-month period ended December 31, 2020.".
"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 company said.
"Although we can provide no assurance or estimation related to the receipt timing, or amount, of the proceeds that we may receive pursuant to commercial insurance coverage we have in connection with this incident, we believe we are entitled to recovery of the majority of the ultimate financial impact resulting from the cyberattack," the healthcare services provider said.