Back in the day when the world revolved around castles and wide-spread empires, the most unreachable place would be the room in which treasures are kept. It doesn’t matter the strength of walls and moats, there will always be intruders trying to break their way and get their hands on those treasures. Similarly, in this digital age where data is the most precious asset for a human being, it is not a matter of “if” you’ll be attacked, but it is more of a “when” you’ll be attacked.  

Cyber Security is the need of the hour as cyber-attacks are evolving every day. In this scenario where no one is completely safe, few industries are more vulnerable to cybercrime than others. Through this blog, let us explore the range of industries that are dealing with most cyber attacks. 

Industries with the highest risk of Cyber Attacks

• Manufacturing

As the manufacturing industries continue to implement IoT (Internet of Things) devices in their units, their chances of getting hacked increase every day. This is the most vulnerable industry when it comes to cyber-attacks. Manufacturing sectors come with the highest risk because there are a lot of areas for hackers to exploit them, steal sensitive data and disrupt operations.

• Healthcare

Healthcare organisations with high-profile patients are the primary targets for hackers who infiltrate medical institutions. Security breaches in healthcare sectors can lead to identity theft, financial loss and also disruption in patient care. Apart from that, connected medical equipment like insulin pumps and pacemakers are also prone to getting hacked from the outside. 

• Finance

The rapid increase in the use of online banking and mobile payments has put the spotlight on the finance industry and attracted a lot of hackers. When infiltrated, hackers can get their hands on consumer data, disrupt payment systems and even carry out phishing attacks. Employees who work at the management level are also considered targets because of their access to highly sensitive information.

• Pharmaceuticals

The constant evolution of the pharmaceutical industry invites trouble as healthcare is always invaluable. The entire research and development of drugs is prone to getting hacked as cybercriminals can steal intellectual property or even destroy drug development. Delays or disruptions in the pharma supply chain can lead to serious repercussions for public health. 

• Energy

Major energy storage like power grids and energy distribution chains are vital for the existence and operation of modern society. Malicious attacks on these systems will lead to power outages. When the legal system lacks the latest security features, hacking can even affect society on a huge scale.  

• Information Technology

The dependency on online solutions & cloud storage has invited a wide range of vulnerabilities to the Information Technology industry and made it one of the most vulnerable sectors. Cloud computing can invite challenges like data breaches, service disruptions and unauthorized accesses. These challenges occur mainly due to the usage of open-source software components.

• Retail

Places with POS (Point-of-sale) systems are the most vulnerable and often get hacked to steal card information. This will ultimately lead to financial loss, identity theft and reputational damages. The availability of a huge chunk of data including personal & card information makes this an ideal place for disruptors to steal information and sell them over the dark web.

• Public Administration

The government data vault holds the most sensitive information related to the country. These data include information about the citizens, critical infrastructure information and even national security secrets. Cyber attacks on these sectors might reflect severe consequences for national security and public safety.

• Education & Research

The amount of personal information that an educational institution holds is very huge. These include student data, academic records, and financial & contact information as well. With research institutions, carrying out a cyber attack will lead to compromise in intellectual property, and research works and potentially harm individuals.

• Transportation

The infrastructure that covers transportation routes like airports, railways and highways is important to keep the modern economy stable. Malicious attacks over these might lead to economic losses, and disruption in transportation services and pose a serious threat to public safety.

The cause behind Data Breaches

As we continue to learn more about the industries that are most affected by cyber attacks, it is important to also be aware of the underlying root cause. A basic understanding of how such attacks are carried out is essential to prevent them from happening. The root causes behind most cyber attacks are:

• Human Error & Lack of Awareness

One of the most common techniques in cyber attacks is sending deceiving emails focused on tricking individuals into opening a malicious link. Such traps can result in total malware infection. Insufficient training on cybersecurity is the major reason behind people falling for such online scams.

• Weak Security Structure

When a company is using outdated or has not updated its security systems leaves itself most vulnerable to cybercrimes. Failing on timely security updates will leave a chink in the armour for the hackers to exploit. It is advisable to encrypt both ends of any sensitive data. 

• Third-Party Vulnerability

Some companies rely heavily on other third-party vendors for cybersecurity & data storage. When those vendors get attacked, it will directly reflect on the companies to which they are catering. Most of such attackers will target supply chains due to their reliance on third-party vendors. 

• Advanced Persistent Threats

Advanced Persistent Threats (APTs) are long-term attacks that are focused on particular organisations. These are carried out by organised crime groups to steal sensitive data or disrupt the entire operation.

Eliminate cyber risks with a proactive approach

Just like how understanding about such cyber attacks is essential, it is equally important to implement a proactive approach to stop them from happening. Some of the key strategies are:

• Robust Security Controls: Companies should have firewalls, intrusion detection systems (IDS) and intrusion prevention systems (IPS) to protect their network. In addition to that, antivirus deployment is required for endpoint security.
• Employee Training & Awareness: All organisations should educate employees about the seriousness of cybersecurity. Employees must be aware of how to rectify when and if they face such situations.
• Patch Management: It is essential for companies to ensure all systems and their software are kept up to date. It is advisable to use automated software patching tools to reduce the risk of human error.
• Incident Response Planning: Companies have to have a rapid response team in place to deal with any type of data breach. Regular exercises need to be carried out to check the viability of their incident response plan. 
• Continuous Monitoring: Implementing a continuous security monitoring setup will help in detecting such unlawful threats in real-time. Conduct a regular security audit to identify the areas for improvement.

Conclusion

We live in an interconnected world where cyber security has become an integral part of every organisation with a digital presence. In this digital age, cyber threats are increasing every day and it is imperative that all organisations have a robust security posture in place to deal with such threats. However, it is also important to know that cyber security is not a one-time thing but it is a continuous process that requires expert vigilance & adaptation.