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  • Amanda Bird

Four Industries That Are Vulnerable to Cyberattacks

Updated: Nov 23, 2021

Technology has completely transformed the way we do things. With the help of technology, many industries have optimized their day to day operations in a way that maximizes their potential and helps them achieve their business goals. Despite all the good that technology and innovations have brought to businesses, we can’t ignore that technology has opened businesses up to new threats that can compromise their interests if they are ill-prepared. These threats come in the form of cyberattacks.


Many of you may think that cyber attacks aren’t that big of a problem but this couldn’t be further from the truth. An average of 164 cybercrime reports are made per day by Australians, which indicates how serious this problem has truly become. Now, it’s also important to note that some industries are more at risk than others. This is an important thing to consider, as businesses that fall under these industries need to bolster their cybersecurity efforts. To help you best prepare for cyberattacks, here are the four industries that are most vulnerable to cyber threats.


Healthcare


Healthcare organizations and institutions are highly targeted as they handle massive amounts of personal data. Cybercriminals are always trying to compromise the data of organizations in the healthcare industry. So much so that data breaches and ransomware attacks alone cost the healthcare industry an estimated $4 billion. It’s also important to note that public healthcare institutions are especially susceptible to cyberattacks, as they are often less protected than institutions in the private sector.


Technology and Telecommunications


Technology and telecommunications companies aim to connect the world. And while this is a noble cause that will surely help billions of people, it also makes them a target. The more connected the world becomes, the more reliant we are on this technology. This introduces the possibility of cybercriminals crippling communities by attacking communications. Considering that the world is slowly but surely transitioning to all-software networks, cybersecurity will be more important than it has ever been as high-level hackers can tap into these emerging vulnerabilities and have a larger attack surface to exploit.


Financial Services


Considering how much money is involved, it’s not really surprising that the financial services industry is being highly targeted by cybercriminals. This can be quite troublesome as it can lead to massive losses on the part of the company involved. To add to this, financial service businesses that fall victim to cyberattacks also lose consumer trust. And in an industry that deals with money, having a customer base lose faith in you can literally sink your business.


Energy


Lastly, energy networks are especially vulnerable to cyberattacks. Indeed, there’s no better way to cause massive damage than by attacking energy networks. Hackers can cause power outages, undermining critical security and defence infrastructure. One of the most recent examples of this is the cyberattack that shut down the Colonial Pipeline in the United States.


Conclusion


Hopefully, this article proves to be useful when it comes to furthering your knowledge on cyberattacks. As you can see, some of the most important industries are also the most vulnerable to cybercriminals and hackers. If your business belongs to any of these industries, it would be wise to invest in the best cybersecurity services in order to best protect yourself from potential threats.


Despite how effective it is, cybersecurity is not foolproof. This is why you’ll want to get insurance as it will be your last layer of protection in case a cyberattack does occur. Are you looking for the best cyber protection insurance on the Gold Coast? New Wave Insurance has got you covered. Get in touch with us today to learn more about our products and services!


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