Cybersecurity Spend Will Increase in 91% of Organizations
We’ve talked in past newsletters about ransomware attacks becoming more common and more threatening to healthcare organizations, and now we’re seeing leaders place ransomware as a top concern. Ransomware is a type of malware that encrypts an organization's data and demands a ransom in exchange for the decryption key.
According to the 2023 Global Ransomware Report by Fortinet, more than 90% of surveyed cybersecurity leaders and decision-makers from various industries plan to spend more on cybersecurity in the coming year. Investments in “artificial intelligence (AI) and machine learning (ML) to enhance threat detection, as well as Internet-of-Things (IoT) security tools, next-generation firewalls (NGFWs), and endpoint detection and response (EDR), and security email gateway (SEG) technologies” are among the top priorities.
Is it Sufficient?
However, simply investing in security tools and technologies may not be enough to prevent ransomware attacks. The report noted that organizations that simply attempt to “buy the best product” were the most likely to fall victim to these attacks. Additionally, four of the top five ransomware vulnerabilities were related to people and processes, suggesting that “technology is only one part of the solution.”
While 78% of surveyed leaders reported feeling prepared for a data breach, half of them still suffered attacks in the past year, and an alarming 71% reported paying at least some of the ransomware demand. What led to these attacks? Most often, they started with a phishing email.
Does your staff know how to recognize an inauthentic email? This is part of the essential employee training that can help you make the most of your cybersecurity budget, while effectively protecting your data. Instead of complicating your security efforts, the report suggested “investing in technology that streamlines and improves processes.”
These cybersecurity budgets are increasing across industries. If organizations spend these funds wisely, they’ll be able to better protect themselves and their patients and customers.
The Security Risk Assessment
Do you know the strength of your current cybersecurity posture? Analyzing your cybersecurity protections as part of the technical safeguards in your Security Risk Assessment is crucial to safeguarding patient data. A security risk assessment can help you identify vulnerabilities in your system and take steps to mitigate them. It is not enough to “set and forget” security measures; you need to regularly review and update them to ensure they remain effective against new and emerging threats.
HIPAA requires healthcare providers to implement three types of technical safeguards: access controls, audit controls, and integrity controls. Access controls are measures that limit access to patient data to authorized personnel only. Audit controls are measures that track and monitor access to patient data to detect any unauthorized activity. Integrity controls are measures that ensure the accuracy and completeness of patient data. A security risk assessment can help you determine whether you are meeting these requirements and identify areas where you need to improve.
After conducting an SRA on the Medcurity platform, you’ll instantly receive a prioritized list of actions you should take to improve security. This may include implementing new security measures, upgrading existing systems, etc. Medcurity prioritizes your efforts based on the severity of the vulnerabilities and the risk they pose to patient data.
If you have questions about what you should prioritize in your cybersecurity and training efforts, reach out to your team here at Medcurity. We’re happy to help!