The shift to a digital world, accelerated by the pandemic has revolutionised how businesses and services operate in our society. While some organisations scrambled to digitise their services, they overlooked the complex cybersecurity risks opened along the way.
Bitdefender, a cybersecurity firm, has identified four industries that require immediate attention and improvement in bolstering their cybersecurity infrastructure: Healthcare, Finance, Software as a Service (SaaS), and Manufacturing.
Healthcare
An industry that was perhaps most impacted by the pandemic, the healthcare industry has experienced a remarkable digital transformation, with a shift that has improved access to vital medical services.
In doing so, this has also opened up the industry to a wider attack surface for cybercriminals. A significant vector for attacks is the heavily interconnected Internet of Things (IoT) device infrastructure involved in medical practices.
According to research from MarketsandMarkets, the global medical IoT market size is experiencing a 49.1% compound annual growth rate (CAGR). This rapid growth is seeing hospitals and clinics have trouble keeping up with security measures with these devices, potentially opening them up for data breaches and ransomware attacks.
Finance
A sector notorious for its inherent risk, digital transformation has seen dabbling in finance become even more of a risk. This is due to the wide variety of sensitive data involved in the financial industry.
According to a recent survey by the Bank of England, three out of four executives from the UKs financial sector find cyber attacks to be the second most significant risk facing the financial sector this year.
Ahead of cyber attacks were geopolitical risks, which the NCA points out is intrinsically linked to cybercrime, as many “hostile states” use cybercriminal groups to carry out proxy attacks. The outcome of this has been a 464% surge in business email attacks compared to the first half of 2022, an attack style which often leads to financial losses.
SaaS
The forward-facing nature of SaaS and software companies make them prime targets for threat actors. “Software companies have become prime targets due to the potential for far-reaching and cascading effects that can result from a successful breach,” read the research from Bitdefender.
According to Bitdefender, the growing skills gap in cybersecurity compounds the challenges facing the industry. In a recent survey from Statistica, over half (56%) of respondents found the lack of visibility into third party application access to the core Software-as-a-Service (SaaS) stack as their main security concern. After this, lack of visibility into SaaS security settings, and the inability to remediate the security misconfigurations were the highest concerns.
This suggests that increased cybersecurity measures can enhance trust and drive business opportunities for SaaS startups still seeking investments or an acquisition.
Manufacturing
Manufacturing’s digital transformation is a prime target not only for financial gain, but for its ability to disrupt critical infrastructure. Some manufacturing operations, such as microchip manufacturing, can decide the fate of nation states and worldwide commerce streams as we’ve seen in the recent global shortage.
According to research from Make UK, half of UK manufacturers were the victim of a cyber attack last year. Of that number, 63% faced losses of up to £5,000, 22% between £5,000 and £25,000, and the rest over £25,000.
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Addressing cybersecurity
In response to the rapidly unfolding cyber attack landscape introduced by the digital transformation of sectors across our economy, Bitdefender recommends using Managed Detection and Response (MDR) and Extended Detection and Response (XDR) services.
These services allow skilled cybersecurity professionals to help organisations around the clock, strengthening their posture without the need for in-house talent and infrastructure.
The services also comply with regulations in industries such as healthcare and finance. They also secure critical infrastructure, intellectual property, and financial assets.
“By embracing MDR and XDR services, high-risk industries can mitigate cybersecurity challenges and thrive in an interconnected and digital landscape. The ability to adapt and fortify cybersecurity measures will be a critical factor in determining the success and resilience of organisations in the new era,” says Bitdefender.
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