What are the Sectors Most Prone to Cyber Threats? by@newsletters

What are the Sectors Most Prone to Cyber Threats?

When the coronavirus pandemic hit, corporate processes shifted priorities to get through the pandemic. This included embracing way more remote options of consumers and employees. As remote work becomes the new normal for businesses across the world, it is time to face the truth. Rapid responses to the coronavirus pandemic have left organizations vulnerable to security breaches. As of May 2nd, 2020 the FBI reported a 800% increase in cyber crimes with COVID-themed malware ranking at the top. As time went by, CISOs pivoted from handling routine tasks to dedicating all efforts to establish secure connections for newly-minted remote workforces.
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When the coronavirus pandemic hit, corporate processes shifted priorities to get through the pandemic. This included embracing and creating more remote solutions for both consumers and employees.

As remote work becomes the new normal for businesses across the world, it is time to face the truth. Rapid responses to the coronavirus pandemic have left organizations vulnerable to security breaches.

As of May 2nd, 2020 the FBI reported a 800% increase in cyber crimes with COVID-themed malware ranking at the top.

As time went by, CISOs pivoted from handling routine tasks to dedicating all efforts to establish secure connections for newly-minted remote workforces.

Still, there are some areas of business that have had it a lot harder than other industries in terms of cybersecurity. Below is a rundown of the industries that have been kicked in the teeth by cybercriminals amid the COVID-19 lockdown.

Cyberattacks During the Pandemic

1. Healthcare

The pandemic has undermined the healthcare industry in too many ways. Besides the already-present, complex issues like insufficient healthcare capacity and resourcing, the healthcare sector has become a victim of cybersecurity attacks.

According to the INTERPOL report published in April 2020, there has been a worrying surge in cyber attacks targeting both public and private companies, including the healthcare sector.

A cyber attack in a Czech hospital in March, a ransomware attack on a vaccine trial group in the UK, and an attack on the US Health Agency are just a few examples that have revealed basic vulnerabilities which stakeholders have ignored to the surface.

2. Private Sector

The pandemic has caused a spike in phishing and malware attacks. The attackers have been quick to prey on the pandemic chaos and have been embedding all kinds of malware into 'decent-looking' emails.

They masquerade malicious files as government announcements or emails associated with the Centre for Disease Control (CDC) and the World Health Organization (WHO).

So next time you get an email with a subject line that sounds like ‘updated cases of the coronavirus near you’, think twice before opening this phishing postcard.

3. Banking

Banking is another popular target for cyberattacks. Most financial institutions have 'gone digital' several years ago in order to boost efficiency and embrace cutting-edge technology to improve their financial services.

This dependence has created a breeding ground for numerous fraud cases. From hacking individual banking accounts to those of companies and even governments, there has been a dramatic increase in ransomware attacks.

According to Carbon Black Inc., the financial sector alone experienced a 238% surge in attacks from February to the end of April 2020.

This has surely highlighted an Achilles heel in the security of financial institutions, due to a lack of controls and the use of legacy systems.

4. E-Commerce

COVID-19 has shaped the way people shop -- An unprecedented amount of shoppers now make purchases online.

However, this has also put online retail at risk, creating a secondary issue. A report by Sophos Labs suggests that over 42,000 websites have been created with domains that are named after ‘COVID.’

As you can see, opportunistic cybercriminals ‘shop’ online as well.

The Bottom Line

The COVID pandemic presents a record-breaking challenge to the world.

While some people have shown courage and fortitude in the dark times, crime groups are exploiting fear and uncertainty to target individuals and businesses.

As threat campaigns become more sophisticated, businesses will need to practice robust cybersecurity hygiene to keep hackers at bay. A strong security system is absolutely imperative. Stay safe and cyber secure. Don’t forget your vaccine and your mask.

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