This might sound like an unlikely scenario, but it’s really not; a ransomware attack can hold your sensitive files hostage indefinitely. And healthcare organizations are extremely vulnerable to these types of malware attacks. Last year, estimated losses from ransomware in healthcare totaled a staggering $25 billion, and every year, these attacks affect more than 4 million patient records.
You need to invest in good ransomware protection in order to comply with HIPAA regulations and safeguard patient data. Here’s everything you need to know about ransomware in healthcare.
Ransomware is one of the biggest cybersecurity threats in healthcare. In the simplest terms, it is a type of malicious software that’s designed to block access to patient records and other files on your computer until you pay a “ransom”—usually a large amount of money.
“Ransomware holds your personal files hostage, keeping you from your documents, photos, and financial information,” says anti-virus protection software company Norton. “Those files are still on your computer, but the malware has encrypted your device, making the data stored on your computer or mobile device inaccessible.”
The problem is that many people affected by ransomware actually end up paying money to cybercriminals. However, in many cases, cybercriminals don’t restore access to files and, instead, ask for further ransoms.
Ransomware has been around in one form or another since the early days of the internet, but it has become more popular in recent years. It has become increasingly common since 2012, when it began to seriously impact organizations, including many healthcare groups.
In May 2017, the WannaCry ransomware attack infiltrated approximately 200,000 computers in 150 countries. They targeted computers using the Microsoft Windows operating system and demanded ransom payments in the cryptocurrency Bitcoin. England’s National Health Service (NHS) was one of the victims of WannaCry—and the attack cost the organization £92 million (about 119 million US dollars) and rendered many patient files inaccessible.
Healthcare is the industry most frequently attacked by ransomware. These organizations are specifically targeted because cybercriminals know there is extreme pressure to quickly get systems working again for patients’ safety. When ransomware restricts access to important files, it not only brings operations to a halt, but jeopardizes the privacy of patients. This is why it’s important for healthcare organizations to understand their vulnerabilities and ensure that they have adequate security to defend against cyber attacks.
A ransomware attack can also be extremely financially damaging to your healthcare organization. Because the handling of patient information is regulated by the government, if you fail to protect your systems, you could face hefty HIPAA fines for non-compliance, which can cost hundreds of thousands of dollars.
There are a number of ways you can prevent ransomware from damaging your healthcare organization:
1. Train Healthcare Employees
Invest in training for your employees so they can use your software and computer systems safely. Phishing—a cyber attack where cybercriminals attempt to obtain sensitive information by sending an email disguised as someone familiar to you—can often result in a ransomware attack, so employees need to receive cybersecurity training on how to recognize phishing attempts.
2. Use the Latest Protection
Anti-virus software and firewalls can help you reduce the likelihood of a ransomware attack. But that’s not all the security you need. You will need to make sure all of your systems and software are up to date with the latest security patches. Vulnerable software is one of the top causes of ransomware.
3. Work With a Managed Service Provider
A Managed Service Provider (MSP) lets you outsource all of your cybersecurity procedures so you can improve the safety of your computer systems. The best Managed Service Providers monitor servers, exchange servers, routers, firewalls, and other technology to reduce the chances of a ransomware attack impacting your organization. Outsourcing your computer security like this provides you with peace of mind.
Forty-six percent of healthcare organizations have already been affected by ransomware—that’s almost half of the businesses in the industry. The truth is, many healthcare organizations don’t have a sufficient cybersecurity strategy in place. You can prevent falling prey to a ransomware attack by training your employees, using the latest protection, and working with an MSP.
It takes an average of 287 days for security teams to identify and contain a data breach, according to the “Cost of a Data Breach 2021” report released by IBM and Ponemon Institute.
40% of businesses will incorporate the anywhere operations model to accommodate the physical and digital experiences of both customers and employees (Techvera).
More than 33 billion records will be stolen by cybercriminals by 2023, an increase of 175% from 2018.
The cost of cybercrime is predicted to hit $10.5 trillion by 2025, according to the latest version of the Cisco/Cybersecurity Ventures “2022 Cybersecurity Almanac.”.
The internal team was energized. With the Level 1 work off its plate, the team turned its attention to the work that fueled company growth and gave them job satisfaction.
Forty-three percent of attacks are aimed at SMBs, but only 14% are prepared to defend themselves (Accenture).
The three sectors with the biggest spending on cybersecurity are banking, manufacturing, and the central/federal government, accounting for 30% of overall spending (IDC).
The average cost of a data breach in the United States is $8.64 million, which is the highest in the world, while the most expensive sector for data breach costs is the healthcare industry, with an average of $7.13 million (IBM).
We did a proof of concept that met every requirement that our customer might have. In fact, we saw a substantial improvement.
We did everything that we needed to do, financially speaking. We got our invoices out to customers, we deposited checks, all the things we needed to do to keep our business running, and our customers had no idea about the tragedy. It didn’t impact them at all.
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