Cyber-Attacks in Corporate World – Banking, Manufacturing, IT and Telecommunications

Cyber-attacks have been ranked as the sixth most dangerous threat, and they have become the new normal in both the public and private sectors. In 2022, this dangerous industry will continue to grow, with IoT cyber-attacks alone anticipated trebling by 2025. As a result of the COVID-19 epidemic, cybercrime has increased 600%, including everything from theft and embezzlement to data hacking and destruction. Almost every industry has been compelled to embrace new ideas, forcing businesses to adapt swiftly.

Around the world, today’s digital world faces tremendous challenges and cybercrime. Cybercrime is expected to cost businesses globally $10.5 trillion per year by 2025, up from $3 trillion in 2015. Cybersecurity vendors also claim that cybercrime constitutes the greatest transfer of economic value in history, with a growth rate of 15% year over year.

Cyber Attacks by Industry

Some industries are more vulnerable to cyber-attacks than others due to the nature of their business. While any company is vulnerable to a data leak, organizations that are intimately intertwined with people’s daily lives are particularly vulnerable. Hackers frequently target companies that store sensitive data or personally-identifying information. The following businesses are the most vulnerable to cyber-attacks:

Cybersecurity in the Banking and Financial Services Sector

The financial services industry is one of the most vulnerable to cyber-attacks. Cyber-attacks are roughly three times more common in this industry than any other. Customer data is sensitive and reveals a lot of information about transactions; if it falls into the wrong hands, fraud is immediately pursued, posing a serious threat to your personal information.

A financial institution’s weakest link is its end-users. Phishing (email, VOIP), malware (drive-by or targeted), and other security flaws expose them to an unlimited attack surface. Everyone appears to be moving away from cash in favor of digital money, such as debit and credit cards. A shoddy cybersecurity system might easily cost you time and money in the form of card cancellations, statement checks, and keeping a lookout for problems.

Blockchain technology has the potential to be extremely beneficial to the banking and finance industries, as it has the potential to cut bank infrastructure expenses. When compared to alternative database-driven structures, they also provide higher security because there is no ‘hackable’ entrance or a single point of failure.

Cybersecurity Threats in Banking and Finance Sector

• Unencrypted Data – Because of insufficient encryption, sensitive data is exposed, and stolen data is quickly accessible after it is stolen.
• New automation technology without security – If not protected, automation technology such as CCTV cameras, connected devices, and toys can be turned into bots.
• Unprotected Third-Party Services — Cyber attackers are more likely to gain access to sensitive data through unprotected third-party services.
• Unsecured Mobile banking – The use of mobile phones in the banking industry is on the rise. Because mobile devices have less complicated security systems, specialists can obtain data from them.
• New Types of Hacking – Hackers don’t merely destroy data from consumers; they also alter it or keep it captive for later use. Hackers are now employing new methods to gain access to financial information.
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Cyber Security Threat in Manufacturing

Any manufacturing process can be vulnerable to a security compromise, especially when the amount of connection in modern production environments is high. Manufacturing cyber security threats could include proprietary information, unique formulae for generating a product faster, product location identification, which could be used to steal merchandise during shipment, loss of market control, and more. Because manufacturers rely on profit margins to stay afloat, each of these scenarios results in an increase in the price of the product for consumers. Consumers may end up paying more for the identical product as a result of this process. Customers can place orders for products online, and the manufacturer keeps track of their billing information. Customer information is subject to cyber-attacks if the manufacturer does not have adequate security measures.

Even if their processes are not immediately integrated with the Internet, manufacturers must be considered a fully integrated setting. Many breaches begin in IT networks and then spread to other sections of the environment via connected devices. Furthermore, information on the non-connected process may be included in some linked devices.

Many manufacturing companies are struggling to keep up with larger enterprises’ advanced security technologies, security best practices, and massive IT teams, leaving them vulnerable to trade secrets, intellectual property, sensitive data loss, financial fraud, and business disruptions. Manufacturing businesses must consider periodic vulnerability checks, provide assistance on resolving vulnerabilities, and apply updates depending on business risk in order to keep up with the competition.

The Top Cyber Threats for Manufacturing Companies

Phishing Attacks – Phishing is one of the most well-known and widely used cybercrime strategies. Phishing emails in commercial businesses frequently appear to come from within the company or from a company that is likely to conduct business with the company. These emails appear official, contain all of the appropriate logos, and can urge employees to offer hackers a discrete access point into the network with a single click. Unfortunately, this is merely the beginning of the threat. Once threat actors get access to an organization’s network, they can typically travel discreetly through it until they find information that allows them to carry out an attack.

Ransomware – Ransomware is a type of malware that encrypts network files and renders them unusable until hackers’ demands are met. If a ransom (sometimes millions of dollars) is not paid, these threat actors may threaten to sell or leak important data. Another method by which ransomware users attack manufacturing organizations is to make the company’s network inaccessible until the ransom is paid. The downtime puts high pressure on manufacturing organizations, this strategy is highly effective in this industry.

Internal Breaches – While external actors are responsible for the majority of cyberattacks, workers and other staff with access to the organization account for approximately 30% of all attacks. These attacks, like those carried out by external hackers, are frequently motivated by financial gain. However, out of rage or unhappiness, some current or former employees commit attacks against a corporation. Internal threat actors do not require network access. Instead, they can access sensitive data by using their existing knowledge or credentials. With existing credentials, a threat actor is more likely to carry out an attack discreetly and undetected. Unfortunately, if passwords or entry methods aren’t changed to prevent such attacks, even past employees can often acquire access.

Conclusion

The impact of the cybersecurity event on your firm could last for weeks, if not months. Here are five areas where your company could lose money: productivity loss, reputation damage, legal liability, and business continuity issues. To assess and discover cyber security threats from vulnerabilities, top cybersecurity companies must think outside the box.

Finally, identifying issues and dangers when they arise, as well as having enough information to diagnose, analyze, and fix them, is critical to achieving security service management goals. Massive connection and Internet access bring with them a risk, which must be understood and managed in order to detect, analyze, and respond to threats. To get access to a company’s network, cybercriminals use a variety of methods. As a result, the security solution must include a mix of education, best practices, technology, and a healthy dose of common sense.