Data Breaches: Top Sectors of Interest in 2021

Cybercriminals have been a nuisance to businesses long before most readers of this blog would’ve gotten versed with the idea of online presence. The earliest data breaches trace their roots back to the 80’s —an era when the internet was sound tracked by a cacophony of digital hisses and beeps. The very first data breaches were probably acts of industrial espionage—motivated by gaining commercial benefits.

The curiosity around malicious viruses began growing around 1985. Few would remember when Ralf Berger, a German computer engineer, encouraged his peers to explore this new aspect of computer programming—during his keynote speech at Chaos Computer Club (currently, Europe’s most prominent hacker’s club).

Fast Forward to 2021

Stealing data is the modern gold rush. The new age connectedness and data-driven culture has had cyber pirates clawing and scratching at the enterprise data perimeter, hoping to uncover that one vulnerability that would let them in.

If that wasn't enough, the pandemic forced even the most reluctant businesses to put the pedal to the metal on digitization, leading to petabytes of additional data sprawl.

Data breaches in 2021 are as real as getting physically robbed. For the most part, these incidents are invisible—until they aren't.

The ‘Not So Usual” Suspects

So which sectors are at the forefront of such breaches? Which one needs maximum protection? Let’s find out if your business is one of them.

1. Healthcare

While the world was busy fending off the pandemic, the healthcare sector stealthily climbed its way up as the top contender for the most breached sector. An obvious question here can be—shouldn’t it be the finance sector?

For beginners, Personal Health Information (PHI) fetches much higher prices on the dark web and black market than credit card information or Personally Identifiable Information (PII).

According to Infosec Institute, while PII sells for $1-$2 on the black market, stolen patient health records can fetch up to $363 per record. Imagine getting a patient’s medical history and creating a fake insurance plan, some remedial device or medicine that promises a magical cure. There are so many potential scams that can be built around PHI. An ailing patient is the easiest and most vulnerable target for a cyber pirate.

The notion that hackers would only go after institutions associated with some sort of financial operation is false. Note that medical data has way more lasting value than financial information which can be changed if needed. 

Most healthcare organizations focus on doing what they’re trained to do—saving lives. It’s hard for them to keep pace with the level of sophistication of modern-day attacks. Even regulatory compliances like The Health Insurance Portability and Accountability Act (HIPAA) addresses numerous patient privacy concerns but does not require encryption of people’s data.

2. Retail

2.14 billion—that’s the number of global users expected to buy online goods and services in 2021. 

The rise in point-of-sale (POS) systems, e-commerce sites, and other store servers hosting large volumes of personally identifiable information (PII) and behavioral data—make retail a hotspot for potential data breaches.

Every time a card is swiped online or at a store, you end up sharing your address, zip code, debit/ credit card information, probably your birth date— and if a repeat buyer, probably your buying preferences and pattern too. 

Retailers walk a thin line between meeting customer expectations, managing risk, and increasing operational efficiency. While creating personalized experiences using customer data can multiply the ROI by up to eight times—the consequences of a breach can be devastating. Almost a third of the regular consumers would avoid shopping for an extended period, while 19 percent would prefer to break ties permanently, in the event of a breach.

So, where do retailers begin? I’d say start with fortifying your payment systems—that’s where the real magic happens. Integrate point-to-point encryption and advanced tokenization to ensure when a card is swiped, no sensitive information is stored in the merchant’s environment. The database only holds tokens—meaningless scrambled letters. 

Retail- 1 Hackers- 0

Needless to say, this is just the tip of the iceberg when it comes to all the savior tech available for retailers. 

3. Finance

Given the quality and quantity of customer information the financial sector collects, I’d be surprised if it being on the list comes as a surprise to anyone.

A traditional practice amongst businesses operating in the financial space is that crucial information is often stored and shared across multiple, decentralized systems within large, widely interconnected groups. While this may be an operational requirement—it’s like chum in the water to circling cyber-sharks.

While financial institutions and banks should ideally be armed with sophisticated protection and a proactive posture to cybersecurity, recent research suggests that pretty much every mobile banking client contains exploitable vulnerabilities in their code.

In addition, financial organizations lean on multiple third-party vendors for introducing innovations, leveraging cloud services, and task delegation—raising significant concerns around data security and the level of penetration these vendors have into confidential data.

That explains why financial service firms fall prey to data breaches almost 300 times more frequently than other sectors. 

On A Closing Note

A valid argument that often comes up is— ‘I’m cybersmart enough to not click on sketchy emails,’ and we concur. Having said that, if phishing didn’t work, it would have been a thing of the past by now. Which obviously isn’t the case.

Even if your business is heavily fortified and potentially impenetrable, the cyber pirates will divert their efforts towards infiltrating your supply chain partner, or probably your logistics partners—in a relentless pursuit to get in.

So, you have your task cut out for you.

Featured

  • 12 Commercial Crime Sites to Do Your Research

    12 Commercial Crime Sites to Do Your Research

    Understanding crime statistics in your industry and area is crucial for making important decisions about your security budget. With so much information out there, how can you know which statistics to trust? Read Now

  • Boosting Safety and Efficiency

    Boosting Safety and Efficiency

    In alignment with the state of Mississippi’s mission of “Empowering Mississippi citizens to stay connected and engaged with their government,” Salient's CompleteView VMS is being installed throughout more than 150 state boards, commissions and agencies in order to ensure safety for thousands of constituents who access state services daily. Read Now

  • Live From GSX: Post-Show Review

    Live From GSX: Post-Show Review

    This year’s Live From GSX program was a rousing success! Again, we’d like to thank our partners, and IPVideo, for working with us and letting us broadcast their solutions to the industry. You can follow our Live From GSX 2023 page to keep up with post-show developments and announcements. And if you’re interested in working with us in 2024, please don’t hesitate to ask about our Live From programs for ISC West in March or next year’s GSX. Read Now

    • Industry Events
    • GSX
  • People Say the Funniest Things

    People Say the Funniest Things

    By all accounts, GSX version 2023 was completely successful. Apparently, there were plenty of mix-ups with the airlines and getting aircraft from the East Coast into Big D. I am all ears when I am in a gathering of people. You never know when a nugget of information might flip out. Read Now

    • Industry Events
    • GSX

Featured Cybersecurity

Webinars

New Products

  • Camden CM-221 Series Switches

    Camden CM-221 Series Switches

    Camden Door Controls is pleased to announce that, in response to soaring customer demand, it has expanded its range of ValueWave™ no-touch switches to include a narrow (slimline) version with manual override. This override button is designed to provide additional assurance that the request to exit switch will open a door, even if the no-touch sensor fails to operate. This new slimline switch also features a heavy gauge stainless steel faceplate, a red/green illuminated light ring, and is IP65 rated, making it ideal for indoor or outdoor use as part of an automatic door or access control system. ValueWave™ no-touch switches are designed for easy installation and trouble-free service in high traffic applications. In addition to this narrow version, the CM-221 & CM-222 Series switches are available in a range of other models with single and double gang heavy-gauge stainless steel faceplates and include illuminated light rings. 3

  • ComNet CNGE6FX2TX4PoE

    The ComNet cost-efficient CNGE6FX2TX4PoE is a six-port switch that offers four Gbps TX ports that support the IEEE802.3at standard and provide up to 30 watts of PoE to PDs. It also has a dedicated FX/TX combination port as well as a single FX SFP to act as an additional port or an uplink port, giving the user additional options in managing network traffic. The CNGE6FX2TX4PoE is designed for use in unconditioned environments and typically used in perimeter surveillance. 3

  • ResponderLink

    ResponderLink

    Shooter Detection Systems (SDS), an Alarm.com company and a global leader in gunshot detection solutions, has introduced ResponderLink, a groundbreaking new 911 notification service for gunshot events. ResponderLink completes the circle from detection to 911 notification to first responder awareness, giving law enforcement enhanced situational intelligence they urgently need to save lives. Integrating SDS’s proven gunshot detection system with Noonlight’s SendPolice platform, ResponderLink is the first solution to automatically deliver real-time gunshot detection data to 911 call centers and first responders. When shots are detected, the 911 dispatching center, also known as the Public Safety Answering Point or PSAP, is contacted based on the gunfire location, enabling faster initiation of life-saving emergency protocols. 3