Certain industries are more susceptible to cyber-attacks due to the nature of their business and potential profitability for hackers. The main motive behind hacking is usually to obtain valuable information and sell it on the Dark Web. Even seemingly harmless data can be valuable to hackers. Industries closely connected to people’s everyday lives are at a higher risk. Below are the industries most vulnerable to cyber-attacks.
Top Industries at Highest Risk of Cyberattacks
Financial Institutions
Financial institutions are at high risk of cyber-attacks as hackers can easily obtain credit card and bank account information, leading to financial losses. In 2022, there were nearly 2,000 reported cyber incidents in the financial industry worldwide, according to Statista. To ensure optimal security and service for their customers, financial institutions must continually adopt the latest payment trends and technologies. Additionally, they must implement security measures such as encryption, firewalls, access controls, and perform regular audits.
Healthcare Providers
Healthcare providers store private health records that contain not only medical histories and prescriptions but also Personally Identifiable Information (PII) like names, addresses, Social Security Numbers, billing details, and insurance claims. Fraudsters consider healthcare organizations as valuable targets as they can use stolen health-related data for a number of nefarious purposes. In 2022, healthcare organizations across the world averaged 1,463 cyberattacks per week, according to Check Point Research. Healthcare providers in the United States must comply with regulations such as HIPAA and the HITECH Act, which requires them to encrypt protected health information (PHI), amongst other measures.
Educational Institutions
Academic institutions collect a large amount of valuable information, which needs to be protected against unauthorized access. Regulations like FERPA and PCI DSS have made securing this information a top priority. According to a recent report on cyber security in British schools, 17% of educational institutions experienced a cyber-attack, with ransomware accounting for the majority of these incidents (48%). Educational Institutions can protect themselves against cyber-attacks by regularly updating software, training staff and students on safe online practices, conducting thorough vulnerability assessments, and implementing strong access controls and data encryption protocols.
Retailers
According to Verizon’s 2022 data breach report, the retail sector reported a total of 629 incidents, out of which 241 cases were confirmed to have resulted in data disclosure. Retailers face significant challenges when it comes to securing customer data due to the multiple sources from which they collect data, and protecting this data across numerous endpoints is a daunting task. However, retailers also need to balance the need for data security with providing convenient payment options for customers. Retailers can protect themselves against cyber-attacks by using encryption, regularly updating software, training employees on phishing threats, and implementing two-factor authentication.
Government and Defense
Government agencies, including local, state, and federal agencies, face unique vulnerabilities in terms of IT security. The rotation of IT professionals within these agencies can lead to gaps in knowledge and expertise, making them susceptible to malware infections, network security issues, and software patching challenges. The second quarter of 2023 has seen a 40% increase in cyber-attacks targeting government agencies and public sector services, according to BlackBerry Cybersecurity’s Quarterly Threat Intelligence Report. Government agencies can protect themselves against cyber-attacks by implementing measures such as network monitoring, regular software updates, employee training, and strong encryption. Data protection regulations, such as FISMA, FERPA and CISA, also play an important role in establishing information security standards for Government agencies.
Corporations
In 2022, data breaches cost businesses an average of $4.35 million, according to an article by AAG. Corporations are susceptible to cyber-attacks primarily due to their large networks, valuable data, and interconnected systems that offer lucrative opportunities for hackers to exploit vulnerabilities and gain unauthorized access. As a starting point, corporations can protect themselves against cyber-attacks by implementing firewalls and intrusion detection systems. Additionally, implementing robust authentication protocols and employing multifactor authentication can strengthen the security of user accounts. Educating employees about cybersecurity best practices, such as recognizing phishing attempts and avoiding suspicious links or attachments, can contribute to overall corporate cyber resilience. Lastly, having an incident response plan and regularly backing up critical data can mitigate the impact of a successful cyber-attack.
Manufacturing
Manufacturing organizations are increasingly vulnerable to cyberattacks due to inadequate security measures. A study found that only a third of manufacturers conduct annual penetration testing. Cyber-attacks can cause disruptions in production, resulting in faulty products, downtime, physical damage, and even endanger lives. By implementing authentication and encryption, manufacturers can establish a secure network of devices and protect sensitive data.
Utilities Providers
Utilities providers, including refineries, military defense systems, and water treatment plants are at a high risk of being targeted by cyber-attacks due to the increased use of digital systems. According to CISCO, 73 percent of utilities providers have experienced a security breach that resulted in public scrutiny. This is in contrast to 55 percent of companies in other sectors. The global electrical infrastructure is undergoing a transformation with the introduction of “Smart Grid” technology, which includes smart meters that collect and analyze consumer energy usage data. However, the security of this data is crucial as it can provide real-time surveillance on households if it falls into the wrong hands. To ensure the security of this data, encryption devices can be used to protect smart meters and end-to-end encryption solutions should be implemented to protect data both in transit and at rest. Additionally, issuing certificates to entities communicating in the grid can help verify each other’s identities before secure communication takes place.
Conclusion
Many organizations are prone to cyber-attacks, irrespective of their industry. User activity monitoring can help to prevent cyber-attacks by providing real-time insights into the behavior of users within your network. By tracking and analyzing user activities, you can identify any suspicious behavior that may indicate a potential cyber-attack. This includes activities such as accessing unauthorized resources, attempting to install malicious software, or downloading sensitive data. If you’d like to see how the Lepide Data Security Platform can help to safeguard your critical assets, schedule a demo with one of our engineers.