In our increasingly digital world, cybersecurity threats pose a greater threat than ever to businesses of all kinds, and that includes organizations working in the healthcare industry. Of all the different digital threats your organization’s network may be exposed to, ransomware attacks are one of the most prevalent and costly. Read to learn more about this cybercrime’s impact on the healthcare sector.

What is Ransomware?

More and more business transactions are done online or otherwise involving computers, and unfortunately, that also means new methods hackers use to try to steal money. Ransomware is one of the most prevalent forms of this cybercrime. In a ransomware breach, files on your computer network will be encrypted, with your computer locked to a screen instructing you to pay (often in Bitcoin or other cryptocurrency) to regain your files and control of your computer.

Ransomware affects individuals and businesses in a variety of different industries all across the world, and the healthcare sector is no exception. In fact, research found that more than a third of all healthcare organizations faced ransomware incidents in the year 2020. The attacks impacted more than 18 million patient records, and cost nearly 21 billion dollars in lawsuits, ransoms paid, revenue lost, and other charges.

How Can a Ransomware Attack Impact a Business in the Healthcare Sector?

Practically every aspect of a healthcare organizations business involves digital processes, so the impact of a ransomware incident can be quite widespread. You won’t be able to access the files that were accessed by a third party since they’ll be encrypted, cutting you off from patient records and other critical information. And of course, the most direct cost is any ransom you need to pay to regain access to essential information.

The costs to your business may not end after the initial attack. In some cases, the files encrypted by an attack may not be entirely recoverable. If you wish to pursue legal recourse for the attack, that will also come with its own expenses. You will also have to account for the revenue lost while you have lost access to your system, as well as the opportunities your organization misses while you’re rebuilding from the damage left by the attack.

How to Mitigate the Risk Your Business Faces

Because threats to your technology can be so costly, it is important that you take the steps necessary to improve your business’s cybersecurity and reduce the chances of suffering an attack. Being aware of threats online such as phishing attempts can help reduce the risk of a breach to your systems. Using the correct tools to scan for and combat malware is another essential step to take to protect business-critical information.

Our AI-based malware detection system provides a formidable front line of defence for your systems against ransomware and other types of malware. Make sure your organization is equipped to take on all the threats you might face from hackers. Contact Quantum Star Technologies today for more information.