Healthcare Triangle (HCTI) Stock Soared 138.3% on Ransomware

The Healthcare Triangle Inc (NASDAQ: HCTI) stock price soared 138.3% after announcing the launch of a new initiative to prepare healthcare organizations with critical tools and guidance for preventing and responding to ransomware incidents.

The company wants to educate and guide healthcare workers on the best practices for maintaining resiliency in the face of increasing ransomware attacks in the healthcare sector. The firm has identified a growing need for the services launched today.

Healthcare Triangle prides itself on being a leader in digital transformation solutions, including managed services, cloud enablement, and data analytics for the healthcare and life sciences industries,

The US healthcare sector has witnessed a doubling in ransomware attacks from 2016 to 2021, which has exposed the confidential and protected medical information of approximately 42 million patients. 

The most recent ransomware attack was on CalSTRS and CalPERS, the two largest pension funds in the US. The attacks exposed the personal information of 1.2 million government retirees and beneficiaries. 

Furthermore, Johns Hopkins Health and Johns Hopkins University also experienced a similar cyber attack and data breach blamed on a Russian hacker group known as the Cl0p ransomware syndicate.

Healthcare Triangle offers its clients the following services: education workshops, risk assessment, recommendations for the most effective tools and processes, backup and recovery plans, multi-factor authentication (MFA), identity management, simulated phishing exercises, and software updates. 

Lena Kannappan, Healthcare Triangle’s head of business, strategy and partnerships, stated: “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 rural hospitals, community hospitals, and large health systems in need with critical resources for improving their preparedness, prevention, detection, response, and recovery from ransomware incidents.”

The company is discussing the initiative with several healthcare systems as it seeks to raise awareness and deliver robots, best-in-class solutions within the healthcare and life sciences industries.  

*This is not investment advice. 

Healthcare Triangle (HCTI) stock price. 

The Healthcare Triangle (HCTI) stock price soared 138.34% to trade at $7.77, from Tuesday’s closing price of $3.26.