Cyberattacks are rising in response to everything from the pandemic, inflation and climate change. Most have come to realize anyone is a possible target for cybercrime, regardless of if you are an individual or a Fortune 500 company.
Hackers are becoming more creative as cybersecurity analysts, IT professionals and governments work together to strengthen digital assets. However, specific industries are more vulnerable than others, so here is a look at why and how to prepare for the upcoming year.
1. HealthCare
The pandemic caused a surge in health concerns – and the safety of private health data. Hackers took notice of the influx of cautious people worldwide and saw a medley of opportunities to exploit that paranoia. The value protected health information has is both monetarily and intellectually fruitful for hackers.
The health care industry is an excellent example of big data collection, juggling patient physical and clinical data. The same way they coalesce this data can be the same tactic that helps identify cybersecurity threats.
2. Small Business and E-commerce
Small businesses – specifically those in e-commerce – rely on many third-party services and technologies to help their incomes remain steady. Online shopping will only continue its propelling trajectory as the era of in-person shopping fades alongside mindful shoppers. E-commerce relies on social media and email marketing to hold a consumer base, leading to a 50% increase in cybercrime in 2020 alone.
The infrastructure these businesses rely on to stay financially afloat gives opportunities for every type of cyber attack, including phishing from deepfake seller emails to denial-of-service attacks halting website traffic. Some ways to increase security are to use encrypted payment methods, research International Organization for Standardization certification and limit the usage of personal data collection to protect customers.
3. Financial Institutions
Many industries in rapid change or development are prime targets for hackers as they start to use budding technologies – when they’re new, it’s hard to puzzle out the vulnerabilities. This is especially true for financial institutions creating new online banking apps and cashless payment options yearly.
Financial institutions like banks and insurance must reinforce cybersecurity as cryptocurrency and the digital dollar become commonplace. Recent information shows there were 14 million cybercrime-related cryptocurrency transactions in 2022. Because of blockchain technology, most hackers prefer the anonymity of cryptocurrency.
Ransomware and phishing are common in financial institutions since the likelihood of paying the ransom is higher. Many financial bodies use machine learning and AI to supplement risk management programs. However, it’s arguably most critical for banks to think ahead to avoid reimbursing defrauded customers.
4. Mining
Geopolitics greatly influences the cybercriminal market. International relations and trade access cause tension and distraction, allowing hackers to strike. As the Ukraine war wages, the mining sector has become unusually susceptible. Even though the climate crisis is moving many countries away from fossil fuels, there is still money in mining, which is very enticing to criminals.
Operational technology networks manage industrial sectors. Since they oversee machinery, drones, equipment and control systems, it opens doors for this older industry to be targeted by modern criminality. As cybersecurity becomes fundamental for mining companies, they can take steps to utilize automation and build their security posture to protect themselves.
5. Government Agencies
It’s no surprise the major entities in charge of controlling data and cybersecurity regulation would be premium targets for hackers. More statutes equal greater standardized observation, which causes more obstacles for cybercriminals from accessing the goldmine of information they have on most citizens. Therefore, hackers want to take this time to hit them while regulations are still in early development.
However, lesser budgets for local and state governments are more prone than federal since they are easier to breach. Reliance on contractors and outside help also increases vulnerabilities since not all parties are controlled similarly.
In 2020, $18.88 billion was lost to recovering from ransomware attacks on United States government bodies, impacting 71 million people. Government agencies could develop their protective posture more than others to safeguard their data. However, they may also want to consider reducing contractor use and develop departments with rigorous authentication for their needs instead.
Vulnerable Industries Must Address Cybersecurity Concerns
Cybercrime is a constantly fluctuating landscape where targets continuously change. If anything, this allows everyone utilizing digital spaces to raise awareness of susceptibilities and prepare accordingly with education and action.
