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April 16, 2024 06:41 pm

Change Healthcare's Ransomware Attack Costs Edge Toward $1 Billion So Far

UnitedHealth, parent company of ransomware-besieged Change Healthcare, says the total costs of tending to the February cyberattack for the first calendar quarter of 2024 currently stands at $872 million. From a report: That's on top of the amount in advance funding and interest-free loans UnitedHealth provided to support care providers reeling from the disruption, a sum said to be north of $6 billion. In its results for the quarter ended March 31, filed today, UnitedHealth stated that the total impact on the company from the attack in Q1 was $0.74 per share, which is expected to rise to a sum between $1.15 and $1.35 per share by the end of the year. The remediation efforts spent on the attack are ongoing, so the total costs related to business disruption and repairs are likely to exceed $1 billion over time, potentially including the reported $22 million payment made to the ALPHV/BlackCat-affiliated criminals behind the attack. It's a charge that eclipsed that of casino group MGM, which didn't pay a ransom following an attack on its systems last year, and which faces recovery costs of $100 million to rebuild its systems and paying for the fallout from outages, operational disruptions, allegedly leaked data and more.

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