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Should Medical and Healthcare IT Investment Focus on Cybersecurity?15 Jun 2024

Recent research suggests that only a third of Australian Healthcare organisations embed cyber security awareness and training into their organisational policies and procedures.

Other sources suggest that 23% of all healthcare devices including those used in surgery and imaging have known security vulnerabilities that could easily be exploited. Plus, almost a quarter of hospitals connect their medical devices to guest WiFi networks – which are notorious for their lack of security.

The sector most frequently impacted by cyber incidents is healthcare, with 22% of data breaches recorded in H1 of FY24 being reported from the sector alone – that’s more than twice as much as those reported from financial services.

Despite all this, when it comes to investing in IT a lot of businesses are simply spending on phones, laptops and associated hardware that sits on desks. It’s straight forward, predictable, visible and easiest to understand when you’re not an IT boffin.

But, is this where the average medical practice’s IT investment should really be focused in 2024?

 

PwC recently shared their Digital Trust Insights Report that showed 74% of Australian companies will be increasing their cybersecurity budgets in 2024.

The reason for this is likely because the average number of weekly cyber attacks across all industries is rapidly growing. For the healthcare industry it’s particularly alarming. The Australian Digital Health Agency’s Cyber Security Report from back in 2022 noted there was a 69% increase in Healthcare attacks from 2021 to 2022. Healthcare continues to be one of the most targeted sectors globally with attacks increasing further in number and sophistication since then.

Australia’s prosperity, coupled with the sensitivity of medical information and essential nature of equipment in a healthcare setting makes this industry alluring to cyber criminals, particularly through ransomware attacks. The industry is also the most likely to actually pay a ransom to rectify attacks, with 61% of impacted businesses paying compared to a global average of just 46%.

Being such a popular target with the risk of significant damage to patients, finances and reputation, why is it that so many businesses don’t invest?

It largely comes down to the time, funds and understanding required to prioritise cybersecurity. Plus, within many businesses there’s a long-standing “it won’t happen to me” mentality. But the data suggests otherwise, so can you really afford not to invest in your business’ cybersecurity?

Xenex Systems is well versed at guiding businesses to remediate their IT environment. We start with a free audit of your systems and then work with you to prioritise the recommendations in the best way possible.

Working with businesses of all different sizes, we appreciate that not all teams have the time to dedicate to perfecting their IT and cybersecurity landscape. It’s also rare to have a limitless budget. So, once we’ve completed our audit we’ll dissect the recommendations with you in a simple to understand way so you can make the most sensible and beneficial improvements in your business.

 

Call us today to get started with your free audit and use your technology for smarter business.

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