As technology improves, cyber threats are becoming more common and innovative, which means businesses must stay on top of their cybersecurity. However, with the rapid increase in cybercrime incidents, small and large companies are vulnerable to cyber threats.
What You Will Learn
Software is the backbone of most industries, and cybercriminals see it as an excellent way to steal valuable information from an easy target. And because software developers almost always rely on other tech companies to make their software products run well, their dependence on them doubles their risk.
Companies like Google, IBM, and Oracle have fallen victim to cyberattacks in the software development industry. You may recall that Google found a flaw in its Google+ social network that put the personal information of up to 500,000 users at risk. So, even though Google said it had no proof that the data had been misused, it shut down the network, which had become an embarrassment due to underutilization and because it posed a threat to more data leaks.
Similarly, IBM has found data breaches that put some customers' personal information at risk.
Telecommunications are another favorite target of cyberattacks because they store the valuable information hackers seek. Since telecom companies give people access to the internet through phone lines, satellite connections, and wireless networks, they are obvious targets. For example, a study found an average of 571 attacks on telecoms per year, costing $1 billion per incident.
Telecommunications companies like Cox, Verizon, and Comcast have faced cyber risks. In 2020, Cox Communications discovered a data breach that put the personal information of some of its customers at risk. The company said that a mistake in setting up a database led to the breach and had taken steps to stop more intrusions.
IT Service Providers
The IT service provider industry is a favorite target for cybercriminals. Hackers can break into an IT company and steal customer data or intellectual property from its clients. In 2019, HP said that there had been a data breach that put some of its customers' personal information at risk. Cybercrooks sell such hacked information on the black market or use it to blackmail companies into paying a hefty ransom.
IBM, HP, and Oracle are the market leaders in hardware, software, databases, and cloud computing. Individually, they invest millions of dollars in cybersecurity. Oracle, for example, has spent $5 billion on cybersecurity over the past few years.
Data centers are highly vulnerable to cyberattacks. They are logical targets because, like thieves who rob banks to get money, cybercriminals go after data centers because they are accessible places to get valuable information.
The top three data centers are Equinix DC2, Amazon Web Services (AWS), and Microsoft Azure. Equinix is a global colocation services provider with more than 200 data centers worldwide. As such, it is a perfect target for hackers who want to get into multiple companies' networks at once.
AWS offers cloud computing services like storage space and servers. And since resources are shared among many companies, they are more vulnerable than if they were kept private by just one IT department. This setup makes them more accessible for hackers to get into multiple business operations at once.
Cybercriminals target data centers like Equinix DC2, which had a previous data breach that potentially compromised its customers’ personal information. Afterward, the company learned the breach was due to a security flaw in a customer portal.
As the e-commerce industry grows, so have hackers’ interests in targeting the sector. The most common attack on e-commerce sites is credit card fraud. That’s where hackers steal credit card information from customers and sell it on the black market. Hackers can also access user accounts and steal personal information like names and addresses.
E-commerce giants like Amazon, eBay, and Apple have and continue to experience cyberattacks. It’s a never-ending battle for them. For example, Whole Foods, which Amazon owns, found that a security flaw in its payment system led to a data breach that exposed the personal information of some customers. As a result, the costs of settling these intrusions can cripple a company without adequate protection.
Cybersecurity policies and procedures that are regularly reviewed and updated can help companies avoid and deal with cyber risks. Companies can accomplish this by teaching employees the best ways to keep data safe, backing up data regularly, using strong passwords, and other ways to prove who they are.
Businesses of all sizes should take proactive measures to protect themselves against cyber threats. Cyber insurance can be an excellent way to lessen the financial impact of a data breach. It works best with solid cybersecurity practices like regular software updates, employee training, and strong passwords. As the tech industry changes, businesses can better protect themselves and their customers from cyberattacks by prioritizing cybersecurity and staying ahead of new threats.