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Who Needs Cybersecurity? (2022)

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who needs cybersecurity

The simplest answer to this question is that every organization with sensitive data is prone to cyberattacks.

Cybersecurity is essential in different sectors. In this technological era, it is vital for all companies which have public data to secure their connections from cyber breaches.

Although millions of companies, from small to large industries, are employing methods to protect their data from cyberattacks. This article will discuss whom all need cybersecurity.

Cybersecurity in Different Sectors

When it comes to cyberattacks, it is not related to the organization or the people working it. It is related to all the people who have been part of that organization as an employer or customers. So let’s discuss why all companies are prone to cyberattacks.

· Healthcare Sector

Technology is everywhere. There Is no single industry that is untouched by technology. The Healthcare sector is one such sector.

Different systems are in the hospital which record the data of individuals and do remoting monitoring of patients. This increased the chances of cybersecurity as the hospital uses open security data.

Over the past three years, it has been observed that 80% of healthcare organizations have suffered cyberattacks. The most common attack to track down the hospital’s information is made through phishing attacks.  

According to the U.S.A.  Department of Health, almost 713 online breaches affected almost 45.7 million people in 2016. The most common reason for the vulnerability of cyberattacks is the increased usage of third parties during digital transitions.  

How to protect from phishing?

  • Multi-factor authentication is most commonly used to mitigate phishing risk. This includes biometrics like the fingerprint system.
  • Strong Endpoint protections

· Government and Critical Infrastructure

The government sectors are very much vulnerable to cyberattacks. This means that if there is any attack on the government, the whole nation has to suffer from it.

As the government is in charge of the nation’s security and the military groups, protecting themselves from the countries in danger is essential.

Government organizations hold confidential data related to militaries and the defense system; thus, it is much more vulnerable to attack by various groups and countries ten to seek all information from the government.

The most common method used to steal information is Ransomware. There have been many cases of ransomware in the local government, which has crippled them as they cannot provide business services as usual. 

In 2019, the U.S. government was a victim of almost 79 ransomware, giving the government $18.8 billion as a ransom to gain access to private information.

· Cybersecurity For Small businesses

Small businesses are also at a very high risk of cyberattacks. This is because small businesses have the finances and few resources to do and less secure data to invest, thus making them prone to experience cyberattacks.

Threats faced by small businesses:

  • Phishing attacks: Accounts for 90% of breaches faced by organizations. The most common source of such attacks is email.
  • Malware attacks: Through email spam and website download links.
  • Weak passwords: It is another easy cyberattack as most programs are available online to crack the password.

· Financial Institutes at risk of Cyberattacks

The financial sector is the most important in terms of security as it is the main point of all the information of individuals connected via bank accounts. Banks are where money is stored, thus, making it more prone to cybercrimes.

The most commonly used method to attack the bank is via a server attack which causes the bank server to crash, and then the information can be easily extracted, or the other method is data theft.

Moreover, government and bank regulations are implementing rules to control the risk of cyberattacks.

· Energy and Utility Sector

Energy companies account for 21% of employment in the U.S.A, as every industry uses energy as power or fuel.

Making the energy industry vulnerable to cyber threats. Presidential Policy Directive 21 have stated that the energy industries are important as they provide power in the form of electricity and fuel to different sectors.

The energy sector is prone to cyberattacks mostly because of the IT Systems as they secure the data of the processes and supply partners.

Examining assaults and breaches in the energy sector highlights how crucial it is to secure its extensive supply chain environment. Energy firms purchase various information, goods, and services from independent contractors worldwide.

Not only the energy sector but also the utility groups are also prone to cyberattacks, as per the U.S. government.

· Cyberattacks in the Education System

Cyberattacks have not even left the schools. There have been 60% of cases related to schools that have suffered from cyberattacks. Many universities use digital tools to hold students’ data, making it a safe target for cyber attackers to gain information.

Therefore, school teachers need to give information about cybersecurity to children. Below are some of the threats common to the education system provided by the Consortium for School Networking:

Phishing: Phishing is done by cracking the password using software and accessing the email which holds the information related to bank accounts. As per a report by COSN in the U.S., about 90% of cyberattack is related to phishing.

Distributed Denial-of-Service: This attack happens when many systems are flooded by the resources associated with the local servers.

Data Breach: In a data breach, private data or sensitive information like student information is accessed without authorization. Data breaches involving students and teachers were among the most prevalent cyber incidents in 2019.

IoT Vulnerability: The devices like laptops, mobile phones, and tablets sometimes do not have security, making them the most common source of cyberattacks.

· Cybersecurity For Stock Markets

Many big companies like Yahoo and Adobe have faced cyberattacks, leading to the company’s stock price sinking. For instance, in 2019, capital one hacked a U.S.-based company has suffered a 6% stock price dropped after 2 hours of cyberattack.

In short, we can say that if any company has suffered from any data breach, it will lose finances, which is witnessed by the downfall in stock prices. Thus, big companies and the share market need to secure their data.

List of Some big companies facing the cyberattacks

Many companies have faced cyberattacks. Whether it’s a big size company or a small one. So here is the list of companies, both public and private, which have faced cyberattacks in 2021:

Accenture: Accenture is a well-renowned company that witnessed a Lock Bit ransomware cyberattack on 30th July 2021. That issue resulted in a 5% stock price drop in the company, although it was quickly resolved.  

Acer: Acer is known for its tech-based products like laptops and desktops. It also suffered a ransomware attack in the month of March 2021.

ADATA – The ADATA company has also witnessed a cyberattack which caused the company system to be takedown.

Bose Corporation: Bose is one of the biggest firms selling high-quality headphones and speakers. In 2021, the companies were also hit by the ransom attack.

Final Thoughts

Cyberattack is a major concern that most organizations have to face. The number of cyberattacks in the last decade has increased so much because of technological advancement.

Most sectors, like healthcare, equity markets, financial institutes, and government organizations, have faced cyberattacks as most data is stored online.

Many third-party apps have resulted in cyberattacks. The most common attacks are phishing, malware software, and weak passwords. All these have led to an increasing need for cybersecurity.