Cyberattacks are becoming increasingly common due to digitisation of industries globally. Let us have a look at 5 critical industries at risk of cyberattacks and steps to ensure cybersecurity.
Cyberattacks are malicious maneuvers that attack computer information systems, digital infrastructure, networks, etc. Globally, businesses and agencies are transitioning steadily into the digital space, and while this helps streamline operations and reduce manual intervention to conduct business, it also leads to unpredictable situations like cyberattacks.
Cyberattacks can be classified into two types, namely, web-based attacks and system-based attacks. Some examples of web-based attacks are DNS spoofing, session hijacking, phishing, and protocol attacks, among others. System-based attacks are made through viruses, harmful bots, Trojan horses, etc.
Cybersecurity and the benefits associated with it are essential for any organization that deals with sensitive and large databases. By hiring a workforce that is specially trained to deal with network security, it becomes easier for organisations to protect their digital ecosystem.
There are several careers within the cybersecurity field, and since digitisation, plenty of organisations are realizing the need for stringent data protection. Cybersecurity calls for many careers, such as cybersecurity analyst, security tester, network security engineer, IT auditor, and cybersecurity consultant, among others.
Now that we have delved into what cyberattacks are and the risks associated with them, let us investigate the 5 industries that are at risk of cyberattacks.
Financial institutions:
There are several factors that are fueling the digital revolution, and one major factor was the pandemic. The pandemic forced most of the population into their homes and businesses entirely depended on digital mediums to sustain themselves.
Due to rapid digitization, several factors came into play, such as a lack of digital infrastructure, and the inability of the workforce to keep up with the transitions, among others. The pandemic forced every e-commerce, education, work, and even leisure business to transform into digital spaces. Similarly, global financial institutions transitioned their services online too. In 2020, Canara Bank in India experienced a data breach when hackers interfered with the software of ATMs and robbed 8.1 lakh rupees. This highlights the need for strong cybersecurity systems in place, especially for financial institutions as they not only are at monetary risk, but personal data of consumers and officials are also under threat of being breached.
Education:
Higher education institutions often have research centers that have valuable intellectual property. In such cases, education institutes need to be aware of the security features they can put in place to stop these untoward instances.
Apart from this, educational institutions often handle huge amounts of money like student tuition fees. A malicious cybercrime can be targeted towards these pools of money which would not only cause the institutions harm but also impact students. Personal data gathered through these crimes can be sold and this can result in identity theft, and risks for personal safety issues, among others.
Healthcare:
The healthcare system relies heavily on digital mediums to store sensitive data such as patient medical records and personal data and has transitioned its payments online. A data breach, especially in the healthcare sector, is bound to cause serious harm. The consequences of cyberattacks in healthcare can be severe, such as compromised patient data, financial losses, and many more.
Government agencies:
The risk of cyberattacks is potentially exemplified in relation to government agencies. This is because a cyberattack on government databases could potentially cause damage to national security and the impact would be impossible to contain. Government agencies store vast amounts of sensitive data like citizen information, defense mechanism plans, financial records, etc. It is of great importance to ensure that this information is protected by a robust security system.
Energy and utilities:
Energy and utilities are critical sectors that are very attractive for malicious criminals to target. In 2019, Kudankulam – a nuclear power plant in India, was targeted by a cyberattack. Although reports mention that this cyberattack was not of a critical nature, it only exemplifies the need to bridge the gap and secure data behind a strong cybersecurity system.
Step to ensure cybersecurity
Here are some ways that organisations can safeguard their data and protect themselves from cyberattacks.
1. Risk management regime
2. Secure configuration
3. Network security
4. User education and awareness
5. Malware prevention and control
6. Regular cybersecurity checks
7. Stringent monitoring of networks always
With frequent security checks, organisations can reduce the risk of cyberattacks – a good step in reducing potential harm.
Organisations are increasingly at risk of data breaches as more enterprises transform their operations into digital spaces. All operations in the digital space can be vulnerable to data breaches, and this is important for organisations to understand before they overlook the need for cybersecurity. Due to datafication, data is now more valuable than ever, and data mining is becoming an increasingly attractive prospect for black marketers. Therefore, strict policies and laws to ensure data security is the need of the hour.
Also Read – Organizations must adopt the Bugs-Bounty programme to combat cybersecurity flaws.
