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Why These 5 Industries Need the Most Cybersecurity Training

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  • Cayley Wetzig, Head of Marketing Communications

The advent of the digital age was good news for all industries. With new technologies came exciting opportunities for these sectors to improve efficiency and productivity. And as new advancements in technology are realized, times have never been better for businesses in all sectors.

However, while these technological advancements have been a boom for many industries, they have also brought new challenges. Cyberattacks are now more prevalent than ever before, posing a serious threat to the security of all sectors.

One way to combat these threats is through effective cybersecurity training. So far, 97% of companies say they’ve implemented some form of cybersecurity awareness training. While this training can benefit organizations in all sectors, it is especially important for five industries: healthcare, finance, technology, higher education, and government.

In this guide, we will explore the unique challenges faced by each of these industries and how effective cybersecurity training can help combat these threats. Let’s take a closer look at each sector in turn.

1. Healthcare

Valued at over $7.45 trillion as of 2022, the global healthcare services industry is one of the largest and fastest-growing sectors in the world. But unfortunately, this also makes it a prime target for cyberattacks. Hackers are especially interested in stealing valuable medical records, which can be sold on the black market and used to commit insurance fraud.

Cybercrime in the healthcare industry was especially heightened when COVID-19 struck. As more people turned online for health information and advice, attackers saw a window of opportunity to exploit vulnerable systems and steal sensitive data. Since 2020, hackers have stolen an astonishing  29 million health records per year.

Breaches in the health sector can lead to more than just financial damage. They can disrupt patient care, put lives at risk, and cost businesses millions in legal fees. It’s the reason why health organizations need to stay vigilant at all times when it comes to the security of their systems.

Human error is a major factor when it comes to breaches in health facilities. In fact, 88% of healthcare workers open phishing emails. These emails may contain a wide variety of malicious attachments, including ransomware, spyware, and viruses. It’s, therefore, crucial for health organizations to adopt a comprehensive HIPAA security training program that covers all the common attack vectors. This training program helps equip staff with the knowledge they need to identify and prevent potential attacks.

2. Finance

An estimated 86% of all cyber attacks are financially motivated. And what better sector to target than the global financial services industry, whose global valuation is close to $26 trillion?

Financial organizations are prime targets for hackers due to their highly valuable data. Attackers are particularly interested in bank account information, which can be used to steal money or make fraudulent transactions.

Hackers also target financial organizations with internal attacks, such as phishing scams and malware attacks. These attacks can be hugely rewarding for cybercriminals, with financial institutions losing $5.75 million on average per each successful attack. But even when these attacks don’t lead to direct financial gain, they can still cause significant damage by disrupting bank operations and causing reputational harm.

Interestingly, many financial institutions do not do enough to protect themselves from cyber threats. A shocking 56% of organizations do not have a cyber incident response plan.  This leaves these organizations staring at disaster when they are hit by a security breach.

The best way for financial organizations to protect themselves is through comprehensive bank security training. Such training provides bank employees with the knowledge and skills they need to identify, prevent, and respond to cyber threats. This training should be tailored specifically for the bank industry and should focus on developing targeted security policies that reduce risk across the organization.

3. Technology

Tech companies are indispensable to the world economy. Other organizations rely on them to supply them with vital software, devices, and infrastructure. It’s no wonder that the sector is one of the biggest globally.

With so much data and money at stake, it’s no surprise that tech companies experience the highest number of breaches each year. But what makes this industry particularly attractive to attackers is something else: its employees and customers. Thousands of businesses rely on tech companies to protect them from cybersecurity attacks, making these organizations prime targets for hackers looking to steal sensitive information or wreak havoc on the network.

To combat these threats, tech companies need to adopt comprehensive cybersecurity training that equips their developers with the skills and knowledge they need to protect themselves. In particular, these organizations need to invest in an AppSec training program.

With comprehensive application security training, developers get the skills they need to ensure the integrity and security of the applications they build. This training equips them with the skills and knowledge they need to identify and patch software vulnerabilities, perform code audits, and secure their applications against a wide range of attacks.

By investing in robust cybersecurity training programs, tech companies can stay ahead of hackers and ensure the security of their systems, data, and customers.

4. Higher Education

Higher education plays a critical role in building human capital. The entire industry was valued at a colossal $17.91 billion in 2021. That figure will climb to almost $74 billion by 2029. With such exponential growth, it is no surprise that colleges and universities are under constant attack by cybercriminals.

Colleges and university websites, which often contain sensitive student data, such as Social Security numbers, addresses, dates of birth, academic records, and health information, are a hackers’ paradise. Hackers have targeted student data to steal tuition money or sell the information online for extortion purposes. And the rewards are lucrative. Each successful breach in the higher education sector costs the institution $2.73 million on average. It’s enough to leave your campus reeling. This doesn’t even go into how crippling it’d be if hackers stole university research data- especially medical research data.

Students aren’t the only ones who need cybersecurity training. Many college employees also face increased risk from cyberattacks due to their extensive access to vital administrative and financial information about students and faculty members.

Through proper security training, you can help ensure your employees are prepared to face the threats that now lurk behind every digital corner. This means giving them the skills they need to make smart security decisions, stay alert for suspicious activity online, and know how to best protect their data and information.

5. Government Security

Each week, the government sector experiences 1,136 cyber attacks, with each successful attack leading to a loss of $4.87 million on average. Unfortunately, government organizations are the perfect targets for cybercriminals due to the large amount of sensitive data they handle on a daily basis.

Each government agency handles massive amounts of data that is richly valued by hackers and other malicious actors. Often this information includes personally identifiable information (PII) such as names, dates of birth, and social security numbers. These can be used to steal identities or commit fraud.

In addition to this risk from external attacks, government employees are also at risk from insider threats. Trusted government workers may abuse their privileged access in order to steal confidential data on the network or damage critical systems. Employees without adequate cybersecurity training may not recognize these threats in time, leaving vast quantities of government data at risk.

Through proper government security training, organizations can better protect their assets and employees against cyber threats.

What Does Security Training Entail?

Given that 95% of all breaches are the result of human error, it is clear that proper cybersecurity training is essential for government agencies and businesses alike. But exactly what does a comprehensive cybersecurity training program entail?

1. Threat Identification and Risk Management

The first step in any security training program is to identify the threats that your organization faces. This includes assessing vulnerabilities and performing code audits, as well as understanding how to mitigate risks.

2. Security Awareness Training

After identifying the threats facing your organization, it is important to raise awareness among employees about cybersecurity best practices. This may include mandatory training on your organization’s policies, as well as general reminders on best practices, such as using strong passwords and avoiding phishing attacks.

3. Monitoring and Auditing

In order to ensure that your security training program is effective, monitoring and auditing are critical steps. This could mean setting up automatic alerts for suspicious behavior or activities, conducting regular network audits, and even engaging third-party experts to identify any problems.

4. Testing and Revising

Finally, it is important to test your organization’s cybersecurity measures and continually evaluate how effective they are. This may involve incorporating more frequent phishing tests or running drills to simulate real-world attacks.

Take the Right Measures to Guard Against Cybercrime

Cybercrime will continue to be a major threat to government agencies and other organizations that handle sensitive information. Unfortunately, the vast majority of these attacks are aided by human error. To protect against these threats, it is thus essential to provide employees with the necessary security training and tools they need to stay safe online.

Would you like professional help in enhancing your firm’s IT security? Get in touch with us today and learn how we can help you.

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