Over 70% of Healthcare Companies Pay Ransomware Demands, Report Finds

According to a new report by global cyber risk management company Arete, healthcare organizations have a high likelihood of paying ransomware demands, with 73.7% of healthcare firms reportedly doing so. The report also found that the healthcare sector ranks fourth globally as a target of ransomware attacks, with 13% of all such attacks aimed at healthcare companies. Arete recommends several measures to mitigate the damage caused by ransomware attacks, including using backups, multifactor authentication, and endpoint detection and response. The report also revealed that less than a quarter of healthcare organizations have MFA in place, while just over half perform regular backups.
The report indicates that encryption is the top technique used in 100% of the ransomware cases that impacted the healthcare sector. Therefore, user training and data backups are key controls to consider to mitigate data exfiltration. Arete’s Chief Data Officer Chris Martenson said that healthcare organizations tend to be targets of ransomware attacks because of the presence of sensitive information, including personally identifiable information and protected health information, which increases the likelihood of paying the ransom.
Martenson advises healthcare institutions to build cybersecurity teams in-house or collaborate with third-party security partners to implement effective mitigation tactics and measures. The report suggests that having an EDR platform is one of the most effective ways to decrease the possibility of ransom payments in the healthcare sector. In conclusion, the report highlights that, in today’s digital-first world, healthcare organizations must prioritize cybersecurity and data protection to prevent or mitigate ransomware attacks.