In today’s world, businesses rely heavily on technology for their day-to-day operations, making cyber security a critical part of a successful business model. With cyber crime on the rise, it has become essential for companies to take proactive measures to protect their sensitive information and assets from cyber-attacks. Cyber security breaches can lead to significant financial losses, reputation damage, and legal liabilities, making it imperative for businesses to implement effective cyber security strategies. In this article, we will discuss why cyber security is essential for businesses and how they can protect themselves from cyber threats.
While the internet increases our connectivity and efficiency, it also brings numerous threats, such as cyber hacking and online attacks. More than ever, we feel a need for cyber security.
According to Norton Security, nearly 60 million Americans have been affected by identity theft. In 2023, it is estimated cyber criminals will be stealing 33 billion records per year.
These cyberattacks target everyone, but trends show small businesses are one of the most common targets. In fact, approximately 43% of cyberattacks target small businesses!
Thankfully, there are software and online security measures available to help protect your business from cyber criminals.
While businesses across all industries face the risk of cyber attacks, certain sectors are more vulnerable than others. Healthcare, construction, biomedical, non-profit, legal, oil and gas, and manufacturing are among the industries that are most at risk for cyber security breaches.
Find out more about how these industries are at risk as we explore it in-depth in the following sections.
A Brief Overview Of Cybersecurity
Cybersecurity is a bit of a buzzword, and people have different definitions in mind when discussing it. The official definition of cybersecurity is: the application of technologies, processes, and controls to protect systems, networks, programs, devices and data from cyber attacks.
In today’s world, cybersecurity is a part of life. With virtually everything connected online, cybersecurity has never been more critical. Sadly, it is still common to hear stories of data breaches. It is not uncommon to read stories of banks, credit card companies, online retainers, phone companies, and other companies having their systems breached and customers data stolen.
Thankfully there are many companies who assist companies stay up to date, compliant, and protected from these attacks. Here at Straight Edge we are continuously improving our processes to assure you and your customers are protected.
4 Types of Cyberattacks
Malware
Malware is one of the broadest terms when it comes to cyberattacks. It is any malicious form of software designed to harm a computer system. When malware enters a computer, it performs a malicious function such as steal, deleting, or encrypting data, monitoring a computer users’ activity or hijacks core computing functions. Common malware includes worms, viruses, Trojan horses, and spyware. Malware is commonly distributed through physical hard drives, USB external drives, or internet downloads.
Ransomware
Malware is one of the broadest terms when it comes to cyberattacks. It is any malicious form of software designed to harm a computer system. When malware enters a computer, it performs a malicious function such as steal, deleting, or encrypting data, monitoring a computer users’ activity or hijacks core computing functions. Common malware includes worms, viruses, Trojan horses, and spyware. Malware is commonly distributed through physical hard drives, USB external drives, or internet downloads.
Social Engineering Attacks
Social engineering attacks rely on human or social interaction, not just bots entering a computer through the internet. Because humans are prone to error, social engineering is the biggest security risk today.
How much of a risk?
It is estimated that 93% of business data breaches come from employees unknowingly engaging with a social engineering attack! Social engineering attacks occur when a hacker tricks someone into giving them information or access to software or data. Hackers try and manipulate people into breaking standard security procedures.
What makes social engineering attacks so effective?
Because it relies on human interaction, social engineering attacks usually play on a person’s emotions.
One of the most common tactics is to have someone think they are helping someone in need. For example, an attacker may pose as a fellow employee or a family member asking for advice to a document, bank account, or sensitive data.
Phishing
Phishing is a type of social engineering attack that has become one of the today’s most common and malevolent cybersecurity attacks. Phishing occurs when a hacker uses a false identity to trick someone into providing sensitive information, downloading malware, or visiting a site containing malware.
What makes it so prevalent?
The extensive use of electronic communication, including email, text messaging, instant messaging, and social media accounts, makes phishing an extremely prolific type of attack.
What are some common phishing scams?
One of the most common phishing attacks targets people through email. An attacker creates an email looking like it comes from your local bank or the government, and the email asks you to visit a website and enter your username and password. Another common tactic is creating a fake social media account resembling a friend or family member. The hacker then asks for money or data through messaging, and it appears it is your family member or friend asking for a favor.
What can be done to protect from phishing?
Like other social engineering attacks, having training and guidelines in place is a crucial first step to protecting yourself from phishing. Employees should be trained to look for specific phishing patterns and tactics. As a business owner, you should make sure your employees know several tell-tale signs of phishing.
What are some common signs of phishing attacks?
- Generic language such as “Sir” or “Madam”
- Incorrect grammar, language, or punctuation
- An odd sense of urgency
- Unusual requests for sensitive information
For example, emails from fake IRS accounts asking for personal information are a common phishing tactic. However, the IRS (and most businesses in general) makes it clear that they communicate through postal mail and NOT through email. If you or an employee receives a sensitive request from a business or a direct message from a social media friend, contact the company or person directly to see if the request is legitimate.
Cyber attacks across different industries
Before we jump into the common online threats and attacks, let’s briefly look at what cybersecurity is and how it has evolved during the technology era.
Construction
The increasing reliance on technology in the construction industry has made it vulnerable to cyber security attacks. With the use of Building Information Modeling (BIM) software, Internet of Things (IoT) devices, and the handling of sensitive information, construction companies face numerous potential points of vulnerability. In addition, the industry’s complex supply chains involving multiple partners further increase the risk of cyber attacks. Therefore, it is crucial for construction companies to be aware of these risks and take measures to protect their data and systems.
Healthcare
The healthcare industry is a prime target for cyber security attacks due to the sensitive and valuable information that it holds. With electronic health records (EHRs) containing personal and medical data, and various medical devices and systems that are connected to the internet or internal networks, healthcare organizations face numerous potential points of vulnerability. In addition, the industry’s complex supply chains involving multiple partners and networks further increase the risk of cyber attacks. The healthcare industry is also increasingly targeted by ransomware attacks, which can cause significant disruption to patient care and financial losses. Therefore, it is crucial for healthcare organizations to take measures to protect their data and systems against cyber security threats.
Biomedical and Life Sciences
The biomedical and life sciences industry holds a wealth of valuable and sensitive data related to research, development, and clinical trials for drugs, medical devices, and biotechnology products. This makes the industry vulnerable to cyber security attacks, which can exploit this information for financial gain or to damage the reputation of the organization or product. The industry is also interconnected and relies heavily on technology and networks for research, development, and collaboration, creating a larger attack surface and making it easier for cyber criminals to find vulnerabilities and access sensitive data. Additionally, the use of medical devices and equipment that are connected to the internet or internal networks further increases the industry’s vulnerability to cyber attacks. Therefore, it is crucial for the biomedical and life sciences industry to be aware of these risks and take measures to protect their data and systems against cyber security threats.
Continue learning more about Biomedical and Life Sciences cyber attacks
Non Profit Organizations
The non-profit industry, like any other industry, is vulnerable to cyber security attacks. Although non-profit organizations may not be a primary target for cyber criminals, they still hold valuable and sensitive information such as donor information, financial data, and personally identifiable information (PII) of their staff and beneficiaries. Cyber criminals can exploit this information for financial gain or to commit identity theft, fraud, or other malicious activities. Additionally, non-profit organizations may have limited resources to dedicate to cyber security measures, making them an easier target for cyber attacks. This can leave them vulnerable to phishing attacks, malware infections, or other cyber security threats. With the increased use of remote work and reliance on digital platforms, non-profit organizations must be aware of the risks associated with cyber security and take measures to protect their data and systems against cyber security threats.
Continue learning more about Non Profit Organizations cyber attacks
Legal
As the legal industry continues to rely on technology for storing and processing sensitive information, it has become increasingly vulnerable to cyber security attacks. Law firms deal with confidential client information such as financial data, personal identification information, and legal documents, which can be targeted by cyber criminals for malicious activities. In addition, law firms often have weak cyber security practices, making them more susceptible to cyber attacks. This includes inadequate infrastructure, staffing, or expertise to properly secure their data and systems, leaving them vulnerable to phishing attacks, malware infections, insider threats, and other cyber security threats. The legal industry must be aware of the risks and take proactive steps to safeguard their data and systems against potential cyber security attacks.
Oil and Gas
The oil and gas industry is critical to global infrastructure, providing energy and fuel for transportation, industry, and domestic use. However, the industry’s increasing reliance on interconnected digital systems and the Internet of Things (IoT) has made it more vulnerable to cyber security attacks. Cyber criminals can target the industry for financial gain, espionage, or to disrupt energy supply chains. The industry’s complex supply chains and interdependent infrastructure also make it vulnerable to cyber attacks, as a single attack on one component can have widespread and cascading effects on the entire system. Therefore, it is crucial for the oil and gas industry to understand the potential risks of cyber security attacks and take measures to protect their data and systems against potential threats.
Manufacturing
The manufacturing industry is becoming increasingly digitized with the implementation of Industry 4.0 technologies such as automation, robotics, and data analytics. However, this increased reliance on interconnected digital systems has made the industry more vulnerable to cyber security attacks. Cyber criminals can exploit vulnerabilities in the industry’s digital systems to steal intellectual property, disrupt production processes, or cause financial losses. The industry’s complex supply chains and reliance on just-in-time manufacturing processes also make it vulnerable to cyber attacks, as a single attack on one component can have cascading effects on the entire system. Therefore, it is crucial for the manufacturing industry to be aware of the potential risks associated with cyber security and take measures to protect their data and systems against potential threats.
Conclusion
In a world where the internet connects everything, cybersecurity has never been more critical.
While having IT services and updated software and hardware is important, it is still critical to understand that today’s hackers target human behavior through social engineering hacks.
Thankfully there is training, software, and help available for individuals and small businesses!
Straight Edge Technology highly recommends you partner with an IT service provider if you are a small business. Even if you have your own IT department, it is good to receive coaching and another set of eyes on your company’s security.
We offer support for a variety of industries including:
If your business is looking for IT services in San Antonio, Corpus Christi, or the surrounding cities in Texas, then contact our team at Straight Edge Technology today.
We would love to talk with you, discuss your company’s goals, and plan how your IT can work for you in growing your business!
