We often get asked the question – for which industry cybersecurity is essential? The short answer is – for all of them. Each industry with a digital presence is a potential target of cyber attacks. And you have to be sure that you are protected as much as possible. It is the same with a common crime – if you want to keep your house protected, you need to have a proper alarm system, good locks on the doors and windows, and maybe a guard dog. In terms of cybersecurity, other measures are the cybersecurity alternatives of the alarm systems, the locks, and the guard dog.
Which industries suffer from cyber attacks the most?
And although every business and organisation is a potential target for cyber attacks, some industries are preferred targets for hackers, and that makes cybersecurity measures for them more essential.
There are no surprises that this is the first one on the list. Financial institutions are like the cherry on top for hackers for several reasons. One is that they store sensitive data like their clients’ personal and financial records. Data and trends show that players in the industry will face many challenges in the future as wearable devices are used as a payment method, and a lot of the financial services are going online. This only leads to an increase in the volume of cyber attacks on the financial sector players, which is a big concern for investors and institutions. We have outlined the leading cybersecurity threats for them in a previous article on our blog.
Since digital technology and wearable devices entered the healthcare industry, cyberattacks have increased. Traditionally, hospitals and healthcare providers are not so great regarding their cyber defense. Only in 2019 did data breaches put a heavy financial toll on the sector resulting in losses of around four billion dollars. Health records are valuable information that has the attention of many hackers. And when you have such assets in combination with lousy cybersecurity measures, the trouble is just waiting to happen.
The energy industry is a vital industry essential for every country in the world. Energy networks can be the target of cyber attacks. It is one of the traditional sectors, part of the massive transition to the digital era. However, this gives more exposure to cyber threats. In recent years we have seen major cyber attacks like Crash Override (Ukraine, 2016), GreyEnergy in 2015, and Operation Sharpshooter in 2018. Energy companies and networks can be prime targets in cyberwarfare, a hot topic following the recent events in Ukraine.
Personal data of students and staff and intellectual property are just two reasons higher education entities can be a subject of cyber attacks. Last year, organisation in the sector reported a 75% increase in the volume of attacks compared to 2020. On top of the list are data breaches, ransomware, DDoS attacks, and more. Institutions and education providers have a responsibility to strengthen their cybersecurity.
What is the common thing between these industries?
The industries mentioned above have some similarities that make them perfect targets of cyber attackers:
- They saw rapid digital transition that led to more digital exposure of their systems;
- They store valuable and sensitive data;
- They are part of the core sectors of a city or country;
- Most of them don’t have proper cybersecurity measures adopted in recent years.
Prevention is the best strategy
To be prepared for the cyber threats out there, organisations in the industries mentioned above (and any other business for that matter) can take measures for prevention that will build up their 360-cyber defense. Such are:
These will help your organisation strengthen its cybersecurity posture and reduce the chance of a successful cyber attack on its systems and networks. If you have some questions or need some support in boosting your cybersecurity, feel free to write to us!