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We live in a digital age, where nearly every business is using email, online storage, cloud services, cellphones, and online accounts in general. More tech savvy businesses are even using Artificial Intelligence in their systems and taking advantage of the Internet of Things to automate or control equipment. If a business is connected to the Internet, they need cyber security. It doesn’t matter how big the company is, but how much information they have access to. Not just within their own systems, but within their suppliers and customer systems.
However, while cyber security is important for all businesses, some industries are especially vulnerable to online threats. As a result, these companies need robust cyber security solutions. Let’s look at some different industries and explore why cyber security is essential to their survival and success.
Financial Institutions
Banks, insurance companies, and investment firms are at the top of the list for cyber attacks. They have valuable information. This type of information being in the wrong hands can lead to money going to the wrong place, the information to steal one’s identity, steal a person or company’s money, transfer accounts, and do much more. In addition, industry compliance requires by law a level of cyber security. Therefore, cyber security is essential in protecting financial institutions and their sensitive data.
Healthcare Organizations
Healthcare organizations such as hospitals, clinics, medical practices, and medical supply or support organizations, have tons of sensitive patient data. This includes medical records, insurance information, billing, and personal identifiable information.
Cyber attacks on healthcare organizations have been on the rise. The scary thing is not only can cybercriminals take over people’s identities or use the information to trick them, but they can disrupt medical services and put people’s lives in danger. The cost reaches beyond the fines and actual data loss, but lives. Cyber security is a must for healthcare companies, especially knowing the industry has been under attack.
Government Agencies
Government agencies at the local, state and federal levels are all always under attack due to the amount of sensitive information critical to public services and security. Cyber attacks range from data breaches to ransomware attacks for espionage or disruption of essential services. Robust cyber security measures should be put in place for government agencies to not only protect personal information, but also to ensure the continuity of public operations.
Technology Companies
Technology companies like software development, IT services providers, and telecommunication companies are all at risk due to the nature of their intellectual property or access to the supply chain. Software companies may hold valuable proprietary code that can be stolen for ransom or sold on the black market. IT service providers who service multiple industries are attacked for many reasons. For example, they often have access to multiple companies or have information that can disrupt the supply chain.
Telecommunication companies are targeted for the ability to port numbers or gain access to duplicate existing numbers or SIM cards. This gives criminals access to cell phones, cell phone numbers, and more which can make stealing, access, or impersonations a breeze. Cyber security for technology companies is a must, and strong strategies can give technology companies a competitive advantage in the marketplace.
Retailers & Ecommerce Business
Any business taking credit cards will be a target for cybercriminals. It is like free money for them to sell the credit cards on the black market or use them for their own purposes. They are bound to find credit cards, where the user won’t notice before it is too late. There are many vulnerabilities in old point of sale software that gives criminals exploit points to extract data. Cyber security services will help protect retailers and ecommerce businesses by safeguarding customer data, keeping vulnerabilities patched and maintaining trust in online transactions.
Critical Infrastructure Providers
Critical infrastructure, including utilities, transportation networks, and water supplies, are essential for our society to function. We rely on them. For this reason, critical infrastructure providers need strong cyber security practices.
The cyber attack on the Colonial Pipeline, the primary US East Coast gasoline supply, showed how such interruptions can bring us to our knees. Cyber attacks on critical infrastructure can hurt this country on an economic scale, even endangering lives. Cyber security is imperative for critical infrastructure providers (and their suppliers) to keep our country running, ensuring cyber resilience of vital systems.
Manufacturing Companies
Manufacturers can often utilize older technologies that may grow to have vulnerabilities. Those vulnerabilities could halt production or even disable a machine. Automated machines, AI, or even robots taken over by hackers could be even more detrimental. Therefore, manufacturing companies should be using cyber security in their stack. In fact, most are required to maintain their compliance.
Small Businesses
Small Businesses are the backbone of US Commerce, and they supply nearly all industries in one way or another. Unfortunately, small businesses and suppliers for larger companies are often targeted. Cyber criminals look at small businesses as low hanging fruit and often a way into a larger organization’s infrastructure. A cyber attack can be detrimental to a small business and lead to their demise. Therefore, cyber security is a necessity in protecting small businesses.
If your business is dealing with digital data or is taking advantage of technology, then you need cyber security to protect your interests. To learn more about cyber security – read Cybersecurity 101 or Talk to a Cyber Security Expert!
