As remote working jobs increase, so also do cybersecurity issues and challenges. Statistics have it that 52% of global employees work remotely once a week. This is mainly because of the impact of the global pandemic.
If there’s one thing the global pandemic has promoted in recent times, it’s the hybrid work model.
What is a hybrid work model? A hybrid work model is a plan that incorporates a mixture of in-office and remote work in an employee’s schedule.
Cybercriminals always capitalize on this kind of development to attack business networks and systems. According to a report published on the NFIB Fraud and Cyber Crime Dashboard, in 2021, there were over 400,000 reports of fraud and cybercrime in the UK. In the United States, 1,789 data breaches were reported to have affected US consumers.
In order for your company to be free of these threats, you will have to do everything to protect your business network and system.
Would you like to learn measures for defending your company against potential cybersecurity breaches? In this article, you will learn the various cybersecurity challenges you need to watch out for and how to overcome them:
1. Increase in Lack of Cybersecurity Awareness is One of the Biggest Challenges
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Teaching your employees to be able to quickly identify suspicious activities will help you boost your cybersecurity awareness.
You will need to educate remote and hybrid workers on best security practices so as to combat the increasing number of cyber threats. From time to time, organize cybersecurity awareness training for employees at no extra cost. Hire the services of cyber security experts to anchor the training.
Statistics have it that it’s estimated that there will be 3.5 million unfilled cybersecurity jobs by the end of 2025. If you are considering a career in cybersecurity, now is the time to take it seriously.
Nearly 97% of the population is unable to identify a phishing email, the result of which is many people clicking on such emails and compromising sensitive information to hackers.
What is the future of cybersecurity threats? The best form of cybersecurity awareness is to educate business owners on the future of cybersecurity threats. Good examples are access control and the use of outdated software.
When is cybersecurity awareness month? October is the cybersecurity month in the United States. The essence of having October as the cybersecurity month in the U.S. is to raise awareness about the importance of cybersecurity across our Nation, ensuring that all Americans have the resources they need to be safer and more secure online.
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2. Phishing Attacks on Specific Individuals, Geographical Locations and Industries
For you to fully understand how geo-targeted phishing attacks work, you need to first and foremost understand the definition of phishing.
What is a phishing attack and how does it work? Phishing is a type of social engineering attack often used to steal user data, including login credentials and credit card numbers. It occurs when an attacker, masquerading as a trusted entity, dupes a victim into opening an email, instant message, or text message.
To reduce the increase in phishing attacks, companies are advised to invest in robust and comprehensive cybersecurity awareness programs. Another way to prevent phishing attacks is to use anti-spyware and firewall settings.
The best way to prevent phishing is through education, vigilance and the implementation of phishing prevention best practices. It’s most common as email spoofing.
What is email spoofing? Email spoofing is a technique used in spam and phishing attacks to trick users into thinking a message came from a person or entity they either know or can trust.
An email service provider practicing good cybersecurity hygiene will help you easily spot and prevent email spoofing.
3. Healthcare Sector Cyber Attacks
Why is the healthcare sector a target for hackers? Cybercriminals target the healthcare sector because they want to obtain vital information from their victims with which they will commit identity theft or insurance fraud.
According to researchers, hackers target healthcare because of the high value of protected health information (PHI) on the black market.
The increase in data breaches in the healthcare sector is now alarming. It’s one of the cybersecurity challenges that need to be tackled urgently. In 2020 alone, the healthcare industry lost an estimated $7.13 million to cybercriminals.
What is insurance fraud? Insurance fraud occurs when someone intentionally lies to their insurance company so that they get a benefit they are not entitled to. There are also cases where insurance fraud is perpetrated by the insurance provider for their own financial gain.
Why is the healthcare industry one of the most vulnerable to cyber attacks? The healthcare sector is one of the most vulnerable industries to cyber attacks because cybercriminals are always on the lookout for data they can sell or use for blackmailing their victims.
Beyond blackmailing their victims, cybercriminals can also sell the medical and billing information of patients on the darknet for insurance fraud purposes. Most health insurance fraud can be easily identified when you invest in digital security.
According to a report made available at the 2021 Annual Meeting on Cybersecurity, the American Dental Association said that many members of their organization were attacked by ransomware. The attack focused on a dental-focused technology provider and locked dentists out of their data.
A ransomware incident in August 2019 forced Wood Ranch Medical in Simi Valley, California, to close its doors on December 17, 2019.
What are the examples of cybersecurity issues and challenges in healthcare? There are as follows: insider threats, distributed denial-of-service (DDoS) attacks, malware and ransomware attacks, phishing, data breaches and cloud threats.
If you are in the e-commerce sector take a look at these cybersecurity strategies for vendors.
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Industries that Face the Biggest Cybersecurity Challenges in Business and How They Overcome the Problems
Some of the industries that face the biggest cybersecurity problems are the education sector, banks and other financial institutions, insurance, blockchain companies, and tech companies like Meta, Google, Slack, Apple, etc.
Top Cybersecurity Statistics You Need to Know as a Business Owner
- According to the Internet Crime Report by the FBI, more than $3.5 billion was lost to cybercrime globally in 2019.
- A report published by CheckPoint shows that Apple, Netflix, and Yahoo account for 25% of brand impersonations in phishing attacks in Q1 2020.
- Experian’s 7th Annual Data Breach Preparedness Study shows that 57% of survey respondents used third-party cyber security assessments in 2019.
- 73% of survey respondents check access and physical security.
Gift cards account for 62% of business email compromise (BEC) attack cash-out methods in Q4 2019.