Cyber Attacks By Industry
When it comes to cyber-attacks, not one business or industry that uses the internet is immune.
Education is one of the most important parts of preventing an ambush by a cyber-criminal, that’s why we’ve put together this blog which discusses cyber-attacks by industry and examples of how hackers and other cyber criminals target them and why.
At Insurance Web, we’ve seen even the most secure systems breached, leading to major losses for businesses and their clients.
That’s why it pays to be prepared, and our insurance advisors can help with tailored cyber liability insurance to ensure you’ve got the appropriate level of cover in place. That said, insurance should not be your only form of protection against cyber attacks.
Cyber Security Incidents by Industry: Australian Cyber Security Centre Diagram
According to the Australian Cyber Security Centre’s Annual Cyber Threat Report July 2019 to June 2020, cyber criminals most commonly use phishing and spearphishing (a highly targeted form of phishing with bespoke emails) to gather user credentials and personal information.
They then use this to gain access to networks or distribute malicious content.
So far during the pandemic, there has been a reported increase in spearphishing campaigns and COVID-19 themed malicious cyber activity.
Source: Australian Cyber Security Centre
Cyber Attacks by Industry
Healthcare Cyber Security
Healthcare companies rely heavily on computer systems to store confidential and highly sensitive patient information.
Common insurance claims:
- Human error: There is a reliance on employees to input the information into the system accurately, however there is the potential for administrative errors.
- Misuse: Data can be breached from an external compromise of even an insider attack if the information is used maliciously.
Financial Institution Cyber Security
Financial institutions are highly dependent on technology and have access to money and personal information – making them prime targets for security breaches.
Common insurance claims:
- Human error: This refers to unintentional actions or inaction that causes a security breach to take place.
- Social – phishing: This is when criminals use social media sites to obtain sensitive personal information or lead people to click on links which are malicious.
Retail Cyber Security
Retail businesses are exposed to many cyber threats with many having centralised IT systems and dependency on websites (especially websites with a large number of financial transactions and loyalty programs).
Common insurance claims:
- Hacking
- Social – phishing
Hospitality Cyber Security
A large volume of consumer and employee information is stored across the industry’s businesses (hotels, restaurants, bars etc).
Common insurance claims:
- Social – phishing
- Hacking
Manufacturing Cyber Security
Manufacturers integrate technology to boost productivity and cost efficiencies and this industry is one of the biggest targets for cyber criminals.
Common insurance claims:
- Malware
- Social-phishing
Education Industry Cyber Security
Educational institutes hold sensitive and confidential information about staff and students, including contact information. Their data systems can be breached internally by people introducing malware into the network – either intentionally or accidentally.
Common insurance claims:
- Social-phishing
- Hacking
Cyber Liability Insurance
Think your digital data is at risk of a breach?
At Insurance Web, we work to understand your situation and find the cover that’s most suitable for you.
Some examples of what’s covered by cyber liability insurance include:
- Cyber event response costs
- Losses to business – including revenue replacement, and
- Losses to other parties
Find out more about cyber liability insurance here, or get in touch with a trusted Insurance Web broker today by calling 1300 956 236 or sending us a message here.
Insurance Web is your local insurance experts. Known for our simple processes, cost-efficiency and trustworthy staff, we’ll help you get the right business insurance cover so you can trade confidently and securely right now!
Do you need to update your insurance program or looking to launch a new business? Call Insurance Web today, or submit an online enquiry here.
