Ransomware is malicious software downloaded and designed to lock the user out of their system or files, or publish sensitive data, until a ransom is paid.
As criminal hackers become more organised and ruthless, many large businesses are investing heavily in cyber defences. With practices experiencing economic pressures, including smaller budgets and fewer resources, this leaves medical practices as the perfect target for cybercriminals.
“The Australian healthcare system has been warned to brace for cyberattacks as it has become the main target of cybercriminals” - The Home Affairs Minister Hon Clare O’Neil.
Cybercriminals aim to obtain citizens’ personal data, emphasising that even though protecting people’s data was a core national issue, more work is needed to end Australia’s perception of a ‘soft target’.
Commenting on the recent cyberattacks in Australia, including communications giant Optus and medical insurer Medibank, O’Neil said: ‘We would be foolish to deny the fact that the exact same attackers – the same actors, same technology – are targeting countries around the world who are just like Australia.’
Aside from the Home Affairs Minister, global firm Palo Alto warned hospitals, government services and businesses to brace themselves for a more hostile cyber environment this year and discuss whether they would pay cybercriminals a ransom.
Security giant Sophos’ 2023 Threat Report released the same warning, noting that cybercriminals package ransomware and other malware tools into as-a-service offerings that novices can use to launch devastating cyberattacks.
With a focus on rebuilding business, supply chain issues and staffing post-lockdown, many practices are limited in both time and resources. The move towards remote working and unsecured home networks has also played into the hands of hackers, who are also turning their attention to service providers, enabling them to attack multiple SMEs and clinics at one time.
The best ways to protect your business:
- Keep operating systems, browsers, plugins, antivirus and malware software updated
- Only use secure networks, don’t click on links in emails, backup all data regularly, use strong passwords, install a firewall, block all pop-ups, and use encryption software.
- Educate your employees on how to protect themselves and your business against malware
- Get effective Cyber Insurance
If the worst does happen and your company experiences a ransomware attack, Cyber Insurance helps with incident response – to identify the issue and repair, data recovery and restoration, cyber extortion management and fees and lost income and additional costs related to the incident.
To discuss how Cyber Insurance can help your business manage and recover from a ransomware attack, please contact iMed Insurance on 1800 988 522.
