About 70 percent of ransomware attacks in 2018 targeted small businesses, with an average ransom demand of $116,000, according to a recent report from Beazley Breach Response Services.
The healthcare sector was the hardest hit by ransomware, according to the report, with small to medium sized practices being the primary targets, as they typically spend less on security than their larger counterparts. As a result, it’s much easier for hackers to compromise their systems.
As a whole, ransomware attacks have increased 11 percent from the past year, with 206.4 million attacks, according to recent SonicWall research. The increase is due to hackers mixing and matching malware components to create new variants, which makes it more difficult for tech to detect and identify these threats.
Beyond ransomware, business email compromise made up of half of the hacking and malware attacks in 2018. The report findings mirror similar research from Barracuda, which found social-engineering tactics continue to evolve in phishing attacks, with business email compromise attacks causing more than $12.5 billion in losses since 2013.
These cyberattacks begin with credential theft by phishing or malware campaigns, resulting in fraudulent wire transfers or payments to hacker-controlled accounts.
“The threat posed by cyber criminals continues to grow in complexity, as they devise new techniques to breach IT security and trick unsuspecting employees into allowing them access to systems,” Katherine Keefe, BBR Services Global Head at Beazley, said in a statement.
“Unfortunately, we see these threats globally across all sectors and we strongly believe that education about the risks and preparedness are as important as IT security measures for protecting individuals and assets from cyberattacks,” she added.
Education and risk assessment are hallmarks of HIPAAcraticRx's services. Our team will perform a thorough security risk analysis to identify and mitigate your practice's vulnerabilities. We will provide training for your staff so they don't fall prey to ransomware attacks. Call the experts at HIPAAcraticRx today.