Cyber attacks are on the increase – why you need to protect your pharmacy business

Businesses and people are more globally connected than ever before. Due to this we are seeing an increase in cyber attacks and data breaches.

According to the Australian Cyber Security Centre (ACSC), an average of 164 cybercrime reports are made by Australians every day. Australian businesses, like Pharmacies are at an increased risk of cyber attacks.

Giuseppe Carollo, from Carollo Horton highlights that due to, “Pharmacies storing sensitive and personal customer information, now using e-prescriptions and My Health Record, they are at increased risk of cyber attacks and data breaches. It’s a reminder to business owners if a breach was to happen, do they have protection in place against losses from a wide range of cyber events?”

With the frequency of attacks on the rise, it’s important for all pharmacies to have cyber insurance in place to minimise the impact of a cyber attack.“If a cyber attack takes place, pharmacies may not be able to access personal computer’s (PC), unable to dispense, make online Pharmaceutical Benefits Scheme (PBS) claims, order stock or even use their point of sale (POS) to sell stock,” said Carollo.

Carollo also warned an attack could damage the pharmacies reputation, meaning, a customer that can’t be served today may go somewhere else. More importantly, a cyber attack may trigger a notifiable data breach which means a pharmacy is legally obligated to notify both the Office of the Australian Information Commissioner (OAIC) and their customers.

Since the start of the year, Carollo has seen an increase in the uptake of cyber insurance by pharmacies, and encourages all pharmacies across Australia to seek out cyber insurance. Carollo says, “It should be part of a pharmacy risk management plan and is very cost effective.”  

“Cyber insurance works alongside a pharmacy’s, Information Technology (IT) support provider to replace compromised PC’s, manage damage to a pharmacies reputation, assist with any breach reporting and looks at reimbursing any out-of-pocket costs,” said Carollo.

A cyber attack would be crippling for a pharmacy. Having measures like cyber insurance, good IT support and security in place can help a pharmacy respond quickly so they can be back serving their customers. 

Please contact us today, if you would like more information on cyber insurance for your business.