Recovery from Ransomware Attack Costs Synnovis 7x Annual Profits

In June 2024, lab services provider Synnovis suffered a ransomware attack that caused widespread disruption across London hospitals and resulted in estimated costs of £32.7 million—over seven times the company’s 2023 profit of £4.3 million.  

The breach, attributed to the Russian-speaking Qilin cyber group, exposed 400GB of sensitive data and triggered one of the largest NHS patient data breaches in recent years. Thousands of operations and appointments were delayed or canceled, while Synnovis staff resorted to manual processes for delivering blood test results.

Synnovis, a public-private partnership with revenues of £209 million in 2023, is jointly owned by Synlab and NHS trusts.  

In response to the attack, the company initiated a “slow and painstaking” recovery process, recently completing the first phase of restoration and bringing all pre-attack services back online.  

The financial impact extended into 2024 and 2025, but Synnovis expects to regain profitability due to its long-term outsourcing contracts. The company also drew £40 million in loans from Synlab to support recovery efforts, FT reports.

The UK has seen a surge in cyberattacks on critical infrastructure, with severe incidents tripling in 2024. Investigations by law enforcement and the Information Commissioner’s Office into the Synnovis breach remain ongoing, with potential fines or penalties anticipated.

Takeaway: Ransomware attacks are increasingly threatening healthcare systems and their providers, with devastating consequences for patient care and organizational stability. The June 2024 attack on Synnovis, a key diagnostic services provider for London hospitals, highlighted these dual risks.  

The attack disrupted critical operations, delaying or canceling thousands of medical procedures and appointments, and forced staff to revert to manual systems for delivering blood test results. This not only jeopardized patient outcomes but also strained NHS resources and eroded public trust in healthcare systems.

Financially, ransomware attacks can be existential threats to victim organizations. Synnovis incurred costs of £32.7 million—more than seven times its 2023 profit—underscoring how such incidents can outstrip earnings and threaten solvency.  

The need for extensive system restoration, data security measures, and reputational recovery often demands significant financial outlay, as seen with Synnovis drawing £40 million in loans to manage recovery.  

For smaller organizations or those without robust financial backing, these costs can be unsustainable, leading to bankruptcy or dissolution. Moreover, ransomware attacks can invite regulatory scrutiny and potential penalties, compounding financial and operational burdens.  

With disruptive attacks on the rise, organizations must prioritize both prevention and resilience as a core business function to safeguard both patient outcomes and long-term viability in an increasingly hostile digital landscape.

Halcyon.ai eliminates the business impact of ransomware. Modern enterprises rely on Halcyon to prevent ransomware attacks, eradicating cybercriminals’ ability to encrypt systems, steal data, and extort companies – talk to a Halcyon expert today to find out more and check out the Halcyon Attacks Lookout resource site. Halcyon also publishes a quarterly RaaS and extortion group reference guide, Power Rankings: Ransomware Malicious Quartile.