Cyberattacks rampant across e-commerce, health care, finance sectors
IN AN increasingly digitized world, the specter of cyberattacks looms large over key sectors such as health care, e-commerce and finance, owing to their stewardship of highly sensitive and personal data.
Recent studies have unveiled the staggering costs associated with data breaches, with the global average soaring to $4.24 million in 2021. However, the health care industry bears the brunt of these financial burdens, with breaches costing a staggering $9.23 million on average.
Similarly, the e-commerce sector finds itself in the crosshairs of cybercriminals, with online payment theft surging from $17.5 billion in 2020 to $20 billion in 2021, underscoring the relentless nature of cyber threats facing online businesses.
If you’re selling anything online, the likelihood of malicious bots targeting you has become increasingly probable.
The efficacy of an organization’s cybersecurity solution network is contingent upon establishing a digital framework that encompasses the company’s business partners and customers. What often goes unnoticed by many is the need for corporate cybersecurity to amalgamate various elements to ensure adequate protection. After all, corporate cybersecurity is a dynamic process. Needs evolve, and all security measures must continue to enhance the company’s operational capabilities.
For instance, mitigating both internal and external cyber risks necessitates a comprehensive understanding of IT infrastructure and user interactions. Consequently, corporate cybersecurity entails a complex toolkit and process management encompassing every aspect of a company’s cybersecurity environment.
WHAT’S AT STAKE?
Corporate cybersecurity primarily focuses on safeguarding information exchanged across various media types, including wired and wireless transmissions, cloud systems and enterprise resource planning software (ERP software).
Traditional cybersecurity tactics are devised to shield data and systems from prevalent attack methods.
Understanding corporate cybersecurity aids companies in safeguarding both their in-house infrastructure and cloudbased solutions. Evaluating the security practices of supply chain partners and third-party providers and securing network-connected endpoints are crucial facets of corporate cybersecurity.
TRAVEL AND HOSPITALITY
Even small-scale businesses increasingly find themselves targets of fraudsters and hackers, making cybersecurity a necessity for all enterprises. However, certain industries are more susceptible to cyberattacks than others.
One such common target is the travel and hospitality sector, with historical breaches leaving a trail of compromised customer data and substantial financial repercussions. The 2014 Marriott data breach, which exposed millions of customer records and incurred millions of dollars in fines, serves as a poignant reminder of the sector’s vulnerability to cyber threats.