As the price for ransomware health data drops, experts warn of increased attacks
The free market mechanism seems to be working just fine in the black market for ransomware health data. The equilibrium point has shifted at the intersection of the demand and supply curves, but the market seems to be functioning close to perfectly. Sounds outlandish but this is the grim reality.
Experts say there are so many ransomware health data records out there for sale on the dark web, that the cost is of this data is going down – supply is abundant… Those experts say this will lead to more attacks to offset the plunging payoffs per attack – bigger volumes to create more sales of stolen data.
Maybe, what these ransomware gangs need is the cyber equivalent to the OPEC cartel to stem the flow and bring data record prices back up? Either way, the proclamation of doom has been sounded and you will want to be ready for the onslaught.
“Currently, the cost of a health record ranges from $20 to $50 on the black market and that’s down from just last year, where records could garner $75 to $100, according to James Scott, the senior fellow at the Institute for Critical Infrastructure Technology.”
Healthcare organizations store some of the most sensitive personal data, including huge volumes of personally identifiable information (PII), or sensitive personal information (SPI). Hackers can use this information to paint a specific profile of their targets. This means that it’s not just about selling ransomware health data records, cyber criminals can focus their efforts on extorting individuals with targeted scams. Sounds like a good time to increase cyber security and create the backup processes needed so your organization won’t have to pay ransomware…
Healthcare systems will need to continue evolving at a rapid pace if they intend to stay ahead of the bad guys. Maybe what’s needed is a giant leap forward, rather than inching forward.
“At the point in time when the bad guys get so good, you need to get even better,” said Pam Dixon, founder and executive director of World Privacy Forum. “There is a very slim amount of time and opportunity to get ahead of this ransomware trend. It hasn’t taken full root yet, based on what the Department of Justice is saying about security trends. I have a strong suspicion it’s going to be in the cards.”
More here [healthcareitnews]