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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.

Malicious code and software are being used by cybercriminals to change computer code, logic, or data, causing disruption. Millions of users’ financial information are being stored in the Bank’s database. It’s crucial to understand that data from hard drives can be exploited in cybercrime. To make money, cybercriminals use extortion, theft, and deception. Banks are constantly under threat from malevolent occurrences.

The increased use of IoT-connected devices and sensor-based technology is also introducing new possibilities for cyber-attacks to occur. Cybercriminals typically utilize cloud-based botnets to take over processing power, exploit Near Field Communications, cloud-based Distributed Denial of Service (DD0oS) attacks, and multifactor authentication hacking.

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.

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.

Manufacturers must go above and beyond in terms of developing or updating cyber security rules, and they must avoid misunderstandings about the organization’s needs. Security policies that are deemed unrealistic or unlikely to occur are frequently avoided. In reality, hackers are more likely to target unlikely places of vulnerability. As a result, manufacturers must develop a novel cyber security policy scenario.

Cyberattacks have resulted in losses for major manufacturing enterprises. A single breach ruins the entire perception of trust and rapport with clients, as well as the possibility of losing important knowledge regarding key manufacturing processes, particularly sensitive information. Locating their own surface attack is also proving problematic for manufacturers. Manufacturing facilities can be found in a variety of countries and continents.

Manufacturing-related cybercrime is intended to either steal intellectual property (IP) or cause physical interruption to a company’s activities. These disturbances can cause severe material damage, resulting in costly repair costs and downtime. Product ideas to digital printouts, trade secrets to proprietary manufacturing techniques are all examples of intellectual property (IP), and stolen IP can be very appealing to competitors.

As smaller and mid-sized manufacturers become aware of cyber-attacks in the digital age of the Industrial Internet of Things (IIoT) and Industry 4.0, adopting an attitude of “us against them” is probably not a terrible idea. Mid-sized businesses are frequently targeted by hackers as an entry point into a larger target.

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.

Equipment Sabotage – Manufacturing organizations can profit from operational technology (OT) in a variety of ways. Unfortunately, hackers may be able to exploit additional vulnerabilities as a result. OT gadgets aren’t a new concept. They are, however, unfamiliar with current communication systems’ external connection technology. Previously, these gadgets did not require security measures to keep them safe from outside dangers. Regrettably, this implies that manufacturing companies continue to use them with the same security flaws. While there are significant concerns about assaults that use OT devices to obtain access to a network, the dangers associated with equipment sabotage are far more serious. When devices are managed and controlled through the use of linked devices, malevolent attackers with the purpose to make equipment behave in a destructive manner might cause damage.

IP Theft – Theft of intellectual property (IP) is a type of data theft that is more likely to go unnoticed than data theft from customers. Nonetheless, it is a serious crime that can cause enormous damage to a firm. Your business owns the intellectual property that distinguishes your products or services. That data can be useful in a variety of situations. The risks of potential IP theft are increasing as cyberattackers learn new ways to join a network undetected and move laterally throughout the system. Hackers can mine the information they require invisibly over time and even leave the system without being detected. This can result in data being stolen or altered without your knowledge until your company’s trade secrets are exploited.

Supply Chain Attacks – Attacks on supply chains damage one link in a company’s supply chain, causing a major disruption that can affect thousands of people. Long supply lines and fragmented security measures make manufacturing organizations particularly vulnerable to supply chain threats. Hackers can obtain access to major corporations through partners and suppliers using a variety of weak endpoints. Attacks on supply chains are a double-edged sword since, once the major company is forced to shut down operations, any company it supplies is similarly impacted within days of the initial attack.

Nation-State Attacks – Nation-state attacks are cyberattacks carried out by the government or threat actors employed by the government of another country. They are among the most feared cyberattacks today. The motivation for these attacks might range from monetary gain to intellectual property theft of defense weaponry, as well as personal vendettas. Hackers are on the lookout for any information that will help their country’s economy and boost vital business and military initiatives. Government institutions, important infrastructure, and nearly any industry with sensitive data have all been targeted by nation-state hackers. For various reasons, nation-state attacks are extremely risky. Threat actors from nation-states are well-funded, well-trained, and have access to high-tech equipment, making them more difficult to detect. Many manufacturing companies are interested in these attacks because of international trade tensions and rising competition for key goods.

Cyber-Crime in IT and Telecommunications sector

Cybercrime is a type of online crime that occurs through the use of computers and the internet. It is one among the world’s fastest expanding illicit activities. Cybercrime is the theft of confidential information maintained on the internet. Hackers employ a variety of techniques to gain access to the computer system. Hacking, the transmission of harmful viruses and malicious online content, online scams and fraud, identity theft, computer system attacks, and unlawful or prohibited online content are all examples of cybercrime.

Information security refers to the safeguarding of data and information systems against unauthorized access, assessment, modification, or deletion. This is similar to data security, which protects data from being stolen or hacked. The information held in a computer system must be protected from outside threats. Information security entails safeguarding data against illegal access, use, disruption, modification, or destruction, whether the data is kept electronically or physically. Any cybersecurity practitioner must have a thorough understanding of technology and security challenges.

Cyber hackers are increasingly targeting the telecoms industry as it helps them to disturb and control, and run the vital infrastructure that is extensively utilized for communicating and storing vast amounts of sensitive data.

Providing high levels of business process and data protection with broad security capabilities is the most critical aspect of any company security plan. Desktops, servers, information systems, data centers, and virtual machines are part of an organization’s IT infrastructure. The company needs a security system specifically designed to counter advanced threats and attacks. The unique combination of technology and services helps companies reduce cyber risk, including early detection of various forms of attacks and overall security.

Attacks against leased infrastructure equipment, such as residential routers, from Internet Service Providers pose a substantial danger to the telecommunications industry (ISPs). They can steal data, launch anonymous attacks, or gain access to pricey services like international phone calls once the equipment has been hacked.

Types of Cyber Criminals in IT and Telecom

Script kiddies – These hackers might be anyone who is immature, has limited technological expertise, and uses force to run scripts in order to cause software disruptions. This type of hacking does not necessitate any technical knowledge to even comprehend what the software is intended to achieve. These systems have a lot of security flaws.

Scammers – These are scammer emails that we receive on a daily basis. We receive more emails from scammers every time we log into our email inbox, offering various suggestions for reduced ads.

Spammers – These hackers aren’t outright criminals, but they are masters at wasting people’s time. Spammers clog up email inboxes with advertisements. Although they are not dangerous, they are always thought to be inconvenient and time-consuming.

Hacker activist groups – Hacker activist groups are notorious for stealing confidential material and publicizing it. These hacktivists labor in secret and are in charge of developing tools that make hacking easier.

Phishers — Phishers engage in actions like as sending us notifications that our account is about to expire and that we need to update our information. However, this is not the case. This is a phisher’s strategy for obtaining personal information or an individual’s identity.

Professional cybercriminals – These individuals have the necessary technological knowledge and know exactly where and how to hurt data. They are the most dangerous, and they have turned to cybercrime. They commit the most crimes and cause the most damage to a variety of sectors and industries.

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.

 

About 360Quadrants

360Quadrants is the largest marketplace looking to disrupt USD 3.7 trillion of technology spend and is the only rating platform for vendors in the technology space. The platform provides users access to unbiased information that helps them make qualified business decisions. The platform facilitates deeper insights using direct engagement with 650+ industry experts and analysts and allows buyers to discuss their requirements with 7,500 vendors. Companies get to win ideal new customers, customize their quadrants, decide key parameters, and position themselves strategically in niche spaces to be consumed by giants and startups alike. Experts get to grow their brand and increase their thought leadership. The platform targets the building of a social network that links industry experts with companies worldwide.

360Quadrants will also be launching quadrants in fields like Multi Cloud Management Platform, 5G Infrastructure infrastructure, and Ecommerce Platforms .

Contact:

Mr. Agney Sugla

agney@marketsandmarkets.com

630 Dundee Road, Suite 430

Northbrook, IL 60062

USA: +1-888-600-6441

 

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