Why do ransomware organisations target pharmaceutical firms and the healthcare industry?

By Ratan Dargan, Co-Founder & CTO at ThoughtSol

The dawn of the 21st century has brought seismic changes to the way human beings functioned. While technology has been the driving force, the advent of the internet took the world by storm by making our daily lives convenient. In this context, we can now do anything on the go, from connecting and talking with friends and family to buying food, owing to mobile devices and gadgets enhanced by internet connectivity.

While the internet has certainly made things easier and more convenient, it has also, unfortunately, opened up a Pandora's box of many illegal offenses, including cybercrime. The widespread usage of the internet, whether in our personal or professional lives, has created a breeding environment for cybercriminals to attack industries throughout the domain. According to a poll done by CyberArk, a worldwide identity security business, 91% of Indian organisations questioned by the agency will face ransomware attacks in 2022.

With the rise of cybercrime in recent years, health and pharmaceutical have become frequent targets for ransomware attacks, just like any other industry. This is due to a variety of variables, including the high value of sensitive medical and patient data, the economic backdrop, the relative ease with which attackers can acquire access to susceptible systems, and employee ignorance.

So, let’s delve into some of the top reasons why ransomware healthcare and pharmaceutical firms are frequent targets. The wealth of valuable data: There is no denying the fact that healthcare and pharmaceutical firms store an incredible amount of sensitive data, including patient records, medical research, clinical trial data, and intellectual property. For attackers, this information is valuable because they can sell it on the dark web or use it for other nefarious activities. According to a recent survey by cybersecurity company Sophos, the cost of recovering systems after a ransomware assault in healthcare is approximately $1.85 million, ranking second among all industries.

Cash-Rich Sector: The healthcare industry is known for its high-profit margins and significant financial resources. Here to highlight the fact, as per the IBEF report, the healthcare sector contributes 2.1% and pharma bestows 1.7% of the country’s GDP. This is where ransomware attacks extort large sums of money from organisations that are more likely to have the financial wherewithal to pay the promised ransom. Furthermore, due to the critical nature of healthcare services, organisations get pressured to restore access to their systems and patient data as soon as possible, making them more willing to pay the ransom.

Insufficient network defense: Healthcare and pharmaceutical organisations have massive, vulnerable attack surfaces comprised of all the access points (or threat vectors) that allow illegal entry into any system. In truth, some businesses may lack adequate cybersecurity precautions. Legacy systems, outdated software, ineffective patch management, and insufficient IT resources all contribute to vulnerabilities that ransomware attackers can exploit. Because these firms may not devote as much focus on cybersecurity as other enterprises, they are appealing targets. As a result, attackers were able to swiftly succumb to an attack that could have been effectively avoided, pushing attackers to move on to the next victim.

Untrained staff: Human errors become a popular entrance point for cyberattacks in today’s competitive era where everyone is continuously in a rat race. In this context, medical professionals also lack the expertise necessary to identify and reduce internet hazards. They inadvertently fall prey to phishing emails, dangerous attachments, or social engineering techniques at this point, opening the door for ransomware. Thus, the chance of successful assaults can therefore be increased by staff workers having insufficient cybersecurity training and awareness.

Solid Cybersecurity: Need of the Hour!
Although industries have adopted several precautions to avoid ransomware attacks. Among others, strong cybersecurity measures such as firewalls, antivirus software, and network segmentation have emerged as the need of the hour to address any known vulnerabilities. However, the process of upgrading systems, implementing stronger defenses, and training staff takes time. Ransomware attackers often take advantage of the lag between the implementation of these measures and the presence of vulnerabilities. Thus, preventing ransomware attacks in the healthcare and pharmaceutical industries becomes important to securing patient data and keeping critical healthcare operations running.