Why Healthcare Triangle Stock Is Shooting Higher Today?

Healthcare Triangle Inc HCTI shares are gaining after the company launched a new initiative to prepare healthcare organizations with critical tools and guidance for preventing and responding to ransomware incidents.

Ransomware attacks on the U.S. healthcare sector have more than doubled from 2016 to 2021 and have exposed the confidential and protected medical information of nearly 42 million patients.

Most recently, CalPERS and CalSTRS, the nation's two largest public pension funds, were attacked by a data breach that exposed the personal information of 1.2 million government retirees and beneficiaries. 

In May, Johns Hopkins University and Johns Hopkins Health experienced a similar cyberattack and data breach.

The company says that while large institutions and healthcare systems address major attacks, rural hospitals particularly vulnerable to risk are facing significant budget constraints for ransomware protection and need assistance from the federal government. 

U.S. Senator Josh Hawley's "Rural Hospital Cybersecurity Enhancement Act" passed through committee on June 14, 2023, and now heads to the Senate floor.

Healthcare Triangle expresses its commendation for the U.S. Congress' efforts, including those of the Joint Ransomware Task Force, to mitigate the escalating menace of ransomware attacks.

Participants in Healthcare Triangle's ransomware initiative will benefit from three key learning topics about artificial intelligence, machine learning, and ransomware challenges.

Price Action: HCTI shares are up 111.8% at $6.90 on the last check Wednesday.

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