Two Fronts, One War: Ransomware in Healthcare and Finance
Introduction
On January 27, 2025, Frederick Health Hospital in Maryland fell victim to a ransomware attack that disrupted core medical services and exposed sensitive patient data, including records belonging to my wife and daughter. As an IT security professional who has worked with hospitals and financial institutions across the U.S., this event struck a deeply personal chord. It was no longer just a headline; it became a threat to my own family’s safety and privacy.
Just months earlier, I had also been affected by a separate incident in the financial sector when Truist Bank confirmed a significant cyber event that compromised customer and employee information, including my own. Experiencing both of these events firsthand, one from the healthcare system and one from a financial institution, has underscored a growing and undeniable truth: no industry is immune, and no individual is insulated from the ripple effects of cyberattacks.
These two incidents, while targeting different sectors, reveal the same alarming trend: ransomware and data breaches are not isolated or industry-specific. They are coordinated, high-stakes attacks that jeopardize the personal safety, financial security, and trust of millions of individuals. For patients, it’s about protecting health and identity. For banking clients, it’s about safeguarding their assets and future.
What Is It? Understanding the Frederick Health and Truist Incidents
Frederick Health: A Medical System Under Siege
Initial Breach (January 25, 2025): A forensic investigation confirmed that unauthorized access to Frederick Health’s internal systems began two days prior to the ransomware execution. During this time, the threat actor accessed a file-sharing server and exfiltrated files containing patient information.
Ransomware Detonation (January 27): A ransomware payload was deployed within the Frederick Health network, leading to the encryption of critical systems. In response, the hospital shut down systems to contain the threat. Electronic health record (EHR) access was lost, lab services were disrupted, and emergency communications were impacted.
Data Compromise and Notification: On March 28, 2025, patients began receiving notification letters informing them that their sensitive information had been compromised. The data exposed varied by individual but could include names, addresses, dates of birth, Social Security numbers, driver’s license numbers, health insurance information, medical record numbers, and clinical data not stored in the EHR.
Recovery Measures: By February 18, 2025, Frederick Health restored its EHR platform and resumed scheduling and patient services. The hospital partnered with external cybersecurity firms and notified law enforcement. Impacted individuals were offered 12 months of free identity protection services through IDX, a ZeroFox company.
Truist Bank: Financial Data Breach Surfaces Months Later
Breach Timing and Public Disclosure: In October 2023, Truist Bank experienced a cybersecurity incident that was internally detected and contained. However, in June 2024, a threat actor known as "Sp1d3r" posted data for sale on a hacking forum, prompting Truist to publicly acknowledge the breach.
Nature of the Breach: Unlike a ransomware event, there is no evidence that Truist’s systems were encrypted or held hostage. The incident was a confirmed data breach involving unauthorized access and exfiltration of information. The stolen data reportedly included customer names, bank account numbers, employee records (affecting up to 65,000 individuals), account balances, and internal code from the interactive voice response (IVR) system.
No Confirmed Fraud: As of the latest public reports, Truist has stated there is no indication that the stolen data has been used for fraud. The bank conducted a third-party investigation, applied mitigation efforts, and continues to monitor the situation.
Why Does It Matter? Health and Wealth in the Crosshairs
Cyberattacks on healthcare and financial organizations differ in execution but converge in impact. Both institutions are stewards of highly sensitive information. A failure in either sector undermines public trust and exposes individuals to significant risk.
In healthcare, the breach at Frederick Health disrupted access to medical records and delayed services. Patient identities, including minors, were exposed, creating the potential for long-term identity theft and insurance fraud.
In finance, the Truist Bank breach demonstrated how attackers can quietly extract valuable financial and operational data. While services were not disrupted, the exposure of account-level information and internal code raises concerns about downstream misuse or future targeted attacks.
These events are more than newsworthy. They are cautionary tales for CIOs, CISOs, compliance officers, and everyday citizens. They demonstrate that cybersecurity is not just an IT function. It is mission-critical risk management, and in many cases, the last safeguard between resilience and catastrophe.
What Can I Do About It? Protecting Yourself and Preparing Your Organization
For Individuals
Enroll in Monitoring Services: For Frederick Health patients, activate the IDX identity monitoring service provided in the notification letter.
Freeze Credit Files: Place a credit freeze with all three credit bureaus to prevent unauthorized credit applications.
Monitor Statements and Claims: Review medical and financial statements monthly. Watch for unknown service providers or charges.
Take Action for Minors: Freeze your child’s credit profile if they were affected. Secure their documentation and monitor for future misuse.
For Organizational Security Leaders
Deploy Threat Detection and Response Systems: Real-time endpoint detection and response (EDR) systems can reduce attacker dwell time.
Segment Data and Privileges: Use least privilege access and network segmentation to isolate sensitive systems from public-facing assets.
Modernize Infrastructure: Replace or harden legacy systems that cannot be patched or monitored effectively.
Run Incident Response Exercises: Ensure technical and executive stakeholders are prepared through regular ransomware simulations.
Conclusion: Bottom Line
The ransomware attack on Frederick Health and the data breach at Truist Bank are different in method, but identical in consequence. These incidents confirm that malicious actors do not discriminate based on industry. If there is valuable data, it is a target.
Healthcare institutions must treat cybersecurity as a matter of patient care. Financial institutions must treat data protection as central to fiduciary responsibility. Individuals must remain vigilant, knowing that data exposure today can lead to consequences for years to come.
As someone who has worked on both the professional and personal front lines of these incidents, I urge industry leaders not to wait for a breach to act. Learn from the failures of others. Invest in cyber resilience now—before you're writing your own notification letters.
References
- HIPAA Journal – https://www.hipaajournal.com/frederick-health-ransomware-attack/
- Herald-Mail – https://www.heraldmailmedia.com/story/news/local/2025/02/07/frederick-health-provides-update-after-ransomware-attack/78295387007/
- Federman & Sherwood – https://www.federmanlaw.com/blog/frederick-health-for-data-breach-investigations-by-federman-sherwood/
- Paubox Blog – https://www.paubox.com/blog/learning-from-frederick-health-hospitals-ransomware-attack/
- BleepingComputer – https://www.bleepingcomputer.com/news/security/truist-bank-confirms-data-breach-after-stolen-data-shows-up-on-hacking-forum/