Is Your Industry Affected by Cyber-attacks?

In today’s world, businesses and industries are getting increasingly digitised. Every enterprise has a website, a presence on social media, and uses computer networks for its operations. The same digital properties that make businesses more efficient also leave them open to online hazards known as cyber-attacks. Reports show that 84% of businesses admit that resilience and cybersecurity are prime concerns in 2022.

What is a cyber-attack?

A cyber attack is an unlawful attempt to gain access to a computer system to destroy, retrieve, disseminate, or alter classified data, usually in the absence of high-end enterprise security.

Cyber-attacks occur through the exploitation of vulnerabilities in computer systems by individuals known as cybercriminals or hackers. These attacks occur for various reasons, including financial gain, politics, on-site criminal activity, and revenge.

Why is enterprise cybersecurity critical?

Enterprise cybersecurity describes the processes and setups that protect a company’s online data from cyber attacks. Read DataDome’s guide to enterprise cybersecurity here. It explains in detail the steps to take to protect your business from these malicious attacks.

Here is why enterprise cybersecurity is essential:

Every enterprise with as little as a social media account needs cybersecurity to protect its customers, finances, and global brand reputation

Cybersecurity ensures that updates and releases are done in due time

No business wants to be in the news for cyber exploitation or court for data privacy breaches

It is also vital for ensuring smooth operations 24/7

Consequences of cyber-attacks

Cyber attacks have various effects, depending on the type of business and targeted sites. Some of them are listed below:

Loss of intellectual property

The Cloud has revolutionized business over the years, but once hacked, it can cause the loss of intellectual property such as trade secrets, product designs, patents, artwork, and software. This can lead to postponing product releases or incurring unplanned costs to hire new employees to develop new products.

Legal and financial consequences

The legal repercussions of losing confidential customer information are well documented. Companies can be sued for a lot of money and lose a significant percentage of annual sales. Prison sentences are also a possible consequence of data breaches in extreme cases.

The legal and financial consequences of losing confidential information to cyber attacks are overwhelming, and many companies will not survive them. This is why enterprises should spare no expense in building and upgrading their cybersecurity.

Disruption of operations

The goal of many hackers is to disrupt business operations to send a message or cause a distraction. Depending on the nature of the industry, this can be very dangerous.

Reputational damage

According to Forbes, 46% of companies have experienced brand equity damage due to a privacy data breach, while 19% have suffered reputational damage due to a third-party security breach. This is logical as current and prospective customers will never fully trust previously hacked companies to secure their confidential information.

Industries most vulnerable to cyber-attacks and why

Find out the most vulnerable industries to cyber-attacks and why they are.

Healthcare

Although technology is shaping the future of healthcare, it comes with some risks, as cases of healthcare online attacks and exploitations are well documented. The abundance of personal data and inadequate cybersecurity are the reasons this industry is vulnerable and will continue to be so unless cybersecurity is improved.

Small businesses

Not surprisingly, small businesses are also a prime target for cyber attacks. The reason is that they often lack the technical expertise and financial muscle to improve their cybersecurity.

Financial institutions

Cybercriminals target this industry for one main reason: Money. Their customers are vulnerable to successful internet attacks due to highly digital services like online banking. In this case, hackers need only create a cloned website and ask customers to enter confidential data.

Government agencies

Government agencies are top targets for cybercriminals due to the plethora of personal identifying information and other highly classified government data within their systems. One would expect government-backed agencies to be immune to cyber attacks, but reality suggests otherwise.

How to Stop cyber-attacks from happening in the future

Online attacks often occur when hackers exploit vulnerabilities within online security systems. You can protect your business from internet attacks if you stop being vulnerable. How can you achieve that? Here’s how:

Develop a cybersecurity strategy

A cybersecurity strategy is a set of protocols that govern how to protect your online system from cyber attacks and how to respond in the event of an attack. Cybersecurity strategies vary by industry, but they often include the following:

Security risk assessment

Evaluating your current cybersecurity technology

Reviewing and modifying security policies

Developing a risk management plan

Integrating the security strategy

Constant evaluation of the security strategy

Invest in cybersecurity awareness training

Not many businesses have provided cybersecurity training to employees who don’t work in cyberspace. This isn’t encouraging, considering how quickly cyber attacks occur today. By teaching your employees how to recognize and report malicious attacks, enable VPN, 2FA, and WiFi security, check links carefully before clicking on them, and perform other basic cybersecurity processes, you can reduce the likelihood of getting hacked.

Restrict access rights

Allow employees to access only the functions they need to do their jobs. Only a few top-level employees should have access to top-secret data. And if subordinate employees are granted access to classified information, it must be revoked immediately.

Integrate endpoint data protection software

Endpoint data protection software scans applications, files, and computer processes and flags malicious elements via encryption. This software not only prevents such harmful elements from taking over computer systems but also serves as an early detection system. Integrating it into your cybersecurity system gives your security experts a chance to prevent cyber attacks manually.

Install high-end firewalls

The best firewalls protect your company’s online network from malicious traffic, and sometimes that’s enough to prevent an internet attack. These firewalls completely block nasty hacks before they even begin.