What Industries are the Most at Risk for Cyber Attacks?December 30, 2019
A new decade is upon us, and many are eager to see how technology will evolve over the next 10 years. However it changes, one thing is for certain: cyber threats will continue to evolve with it.
Despite the unprecedented speed of advancements, data is more susceptible to attacks than ever. According to Juniper Research, the current cost of data breaches adds up to $3 trillion per year and rising. By 2024, it could be as high as $5 trillion.
While every business is at risk, there are definitely industries that experience more attacks than others.
Health information is highly personal and confidential. That means it’s also worth a lot of money if you can get your hands on it. The healthcare industry is the most at-risk industry when it comes to cyber attacks, with ransomware being the most common method of attack.
There is a reason why healthcare data is heavily regulated and failure to meet the proper standards comes with heavy penalties. Yet, despite the importance placed on security and data management, the healthcare industry suffers around one breach a day.
Once the most attacked and breached industry, banks and other financial institutions have dramatically increased spending on cyber security over the past decade. This has resulted in a noticeable decrease in large breaches among financial institutions.
That doesn’t mean they aren’t regularly targeted, but for the most part, they’re doing a better job of staying protected.
For better or worse, the government holds some of our most confidential records, from social security numbers to fingerprints and more. Unfortunately, they’re just as susceptible to breaches as anyone else. In 2016, the NSA’s own hackers were hacked by a group calling themselves The Shadow Brokers. This group actually used the NSA’s own hacking tools to break into their system.
The Shadow Brokers continued to breach the NSA multiple times over the next year. It really goes to show you that no one is safe.
Small Businesses are Not Exempt
While it’s always the big-name breaches that make the headlines, plenty of small businesses suffer from cyber attacks. In fact, they’re often preferred targets since they tend to have weaker security systems in place. That’s part of why nearly half of all cyber–attacks are aimed at small businesses.
Unlike the large companies that have deep pockets, multiple lines of credit, and other various assets, small businesses typically can’t handle the loss suffered from a breach. In fact, 60% of small businesses close within 6 months of an attack.
The truth is, no matter what size your business is or what industry you’re in, all businesses are at risk of being breached. In order to keep this from happening, you not only need proper security measures in place, but you need your systems monitored with contingency plans in place, should something go wrong.
That might sound overly complex, not to mention expensive, but it doesn’t have to be.
Expedient Technology Solutions offers flat rate, customizable IT solutions for both small and large businesses. Whether you need managed IT services to supplement a lack of in-house IT staff, or you need on-going monitoring to take stress off your own IT team, we have you covered.
Cyber security isn’t a singular measure you can implement and be done with. It’s an ongoing process that requires you to evolve with technology and the tactics that threaten it. Our Stress Free IT® can help. For cyber security and more in Cincinnati and Dayton, Ohio, contact us today.