In today’s digitally-driven world, where businesses and consumers alike are more dependent on digital media and modern technology, to say that the Internet makes the world go round is a complete understatement. However, this same level of dependence leaves many businesses at risk because it has also led to the rise of cyber threats.
Although businesses continue to benefit immensely from IT developments, the Internet, and digital tools, it still acts as a double-edged sword. Today, the risk and the full extent of damage that businesses face when it comes to experiencing various forms of cybercrimes has arrived at a point where a single data breach can cost businesses millions in losses.
Yes, cyber threats such as phishing or even malware can take your business down or give it a severe handicap in one fell swoop that only takes moments to fully kick in.
Which industries are at the highest risk of experiencing cyber threats?
While it may be true that the risk of experiencing the harmful effects of cyber threats is something that doesn’t discriminate, it affects specific industries and types of businesses more often than others. With malware and other types of cybercrimes constantly evolving rapidly, today’s cyber threats are more intimidating than ever because of how easily the average business can experience the brute force of these measures. Unfortunately, the way certain industries interact with and use IT and modern technology leave them at a much greater risk than others.
Based on the experience of FraudWatch International’s experts and past and current statistics, here’s a list of the industries that have the highest risk of experiencing cyber threats:
1. SMEs (Small and Medium-Sized Enterprises)
One specific industry that has been seeing a huge rise in cyber threats in recent years is the SME sector—one whose constituents often can’t afford to recover after experiencing the effects of such attacks.
While it is true that bigger firms experience some of the most unsightly complications after data breaches and malware attacks, SMEs tend to have it worse because they typically don’t have the necessary measures for protection. In fact, industry experts believe the fatality rate is higher for this sector to the point where 60 percent of SMEs will fail within six months after an avoidable yet catastrophic attack.
With government agencies maintaining a distinct level of dependence on technology to conduct their operations, their risk of experiencing problems and unwanted attacks is higher than ever.
Generally, the most prominent reason cybercriminals target government agencies more frequently than everyone else is that they control and store sensitive information that can be sold or used. Although entities have reinforced their servers and databases to mend their known vulnerabilities, the fact that they face higher rates of attacks more than other industries still remains.
3. Healthcare Industries
Similar to government entities, healthcare establishments see higher risks of experiencing cyber attacks to the point where the need to prevent them is second only to administering quality patient care.
Currently, the global healthcare industry suffers at least one breach a day with current levels of compromised data counts being slated in the millions year after year. Unfortunately, most establishments are struggling with this problem to this day because they aren’t well-equipped to ward them off as well as they should, leaving them more vulnerable than ever!
Today, the risk of experiencing cyber threats is much higher because of how digitally dependent the world is. Yet, some industries face more risks of experiencing associated problems than others. Through this guide’s help, you’ll be able to properly assess just how large of a risk your business faces and how much you’ll need to put into protecting your business at all times!
FraudWatch International is one of the top-tier brand protection companies that serve businesses, entities, and causes big and small around the world with protection from all online threats. Get in touch with us today to learn more about our social media brand protection, phishing prevention, anti-piracy services, and other available services!