The rate of cybersecurity risk has grown exponentially across most industries, with global cybercrime damages expected to reach $6 trillion annually by the end of 2021.
Additionally, a recent data risk report shows that most companies have poor security practices in place, putting them at even greater cybersecurity risk that could lead to a data breach, malware, or ransomware attack.
What’s more, while every organization is vulnerable to cyber attacks, some industries are more targeted by hackers due to the sheer nature of their business and the value of the data they store.
While all businesses, whether large or small, need to beef up cybersecurity measures, these five industries are more vulnerable to cybercrimes and should take extra caution:
With the advancement of technology, many healthcare institutions have opted to automate patient scheduling, day-to-day office operations and human resources. However, the nature of information health institutions store is highly confidential. That makes the healthcare sector an ideal target for hackers.
Healthcare data breaches are amongst the most expensive cyber crimes to deal with, averaging a cost of around $7 million. Ransomware attacks are especially common because hackers know healthcare organizations are willing to pay a hefty price to retrieve access to their data. The costly nature of these breaches make it all the more important for healthcare organizations to be particularly vigilant when it comes to cybersecurity.
If you’re a healthcare organization, as you utilize the digital space, it’s critical that you work with an IT security company who is aware of HIPAA compliance and how it impacts your patients’ privacy. Adhering strictly to these guidelines will help you mitigate your cybersecurity risk.
Financial institutions process and store highly confidential information about their clients, employees, and other transaction details. Because they are the gatekeepers of their customers’ finances, the potential reward for hackers is great if they can intercept your data.
The COVID pandemic has made financial institutions even more susceptible, with hackers disguising their attacks in the form of relief money. On March 30, 2020, reports indicated that banks across the globe were being targeted by a specific banking trojan called Zeus Sphinx. The threat actors target people awaiting government relief payments through malicious files labeled “COVID 19 relief.”
To battle cybercrimes, financial institutions will need to invest heavily in technology-based solutions, network security, identification and authorization systems, data loss prevention and security check analysis and preparedness. It’s also wise to offer security awareness training to your employees to prevent socially engineered attacks.
Government agencies likewise hold valuable records such as fingerprints, transactions, social security numbers, and more. Data breaches are common in government agencies, especially local organizations, because they hold vast amounts of information and don’t always have strong server security.
Government agencies should ensure that the systems are regularly assessed and appropriate cybersecurity measures implemented to mitigate data loss and theft. Contracting a Managed Service Provider can help you identify the loopholes, develop a security framework and implement it fully for ultimate protection.
Law firms have become increasingly vulnerable to cyber attacks. Leaked data from a lawsuit can compromise the entire case, risking financial details, patent and litigation information, and acquisition documents. Hackers work hard to infiltrate systems in the legal sector to take advantage of the very secretive nature of their information.
Additionally, many law firms lack robust cybersecurity systems, and hackers know this. To combat these cybersecurity risks, you may need to focus on installing the latest security patches, updating your operating systems, and implementing multi-factor authentication among other password protections.
The manufacturing sector is vastly growing, ranging from locomotive, energy, steel, and technology plants. These industries are valuable and highly attractive to hackers. Additionally, many manufacturing plants rely heavily on interconnected systems, so one small weakness could lead to a massive breach. According to a Sikich 2019 report on manufacturing and distribution, 50% of the companies had suffered cyber attacks in the past 12 months.
To protect against cyber attacks, manufacturers should ensure their cloud-based systems are secure. They should also ensure any new hardware or software is integrated according to the same security protocol. Regular maintenance accompanied with 24/7/365 monitoring is also critical.
As technology advances and new cybersecurity trends emerge, it is clear that even though these industries are the most targeted, no industry is immune to cybersecurity risk. Consider partnering with Envision Consulting’s security experts to protect your company against hackers and ensure your data stays safe. Contact us today to get started.