Many large enterprises have suffered from targeted attacks, including Anthem, JP Morgan, the St. Louis Federal Reserve and the US Office of Personnel Management (OPM),to name a few. Despite their vulnerability, organizations have become aware of the need to invest resources into finding new technologies that can be adopted and implemented quickly. However, many companies still lack the security strategic planning and the scope of the threat that cybersecurity poses, both from outside hackers and from insider threats. Since many are playing Russian Roulette with a hacking incident or have yet to realize that they have already been hacked, security assessment is mandatory.
Financial Institutions: canaries in the mine
The financial sector is an early adopter of cybersecurity solutions because of the high stakes involved in financial damages, data loss, identity leaks, and reputational harm. During the first half of this decade, security systems maintenance activities in banking, trading and information systems were essential to protect sensitive information and to meet regulatory requirements. The entire process of deploying and maintaining security solutions affected Information Technology (IT) departments, integrating them into the banking technology. As a result, the IT and Security departments of major financial institutions can compete in their size and volume of activity with their (original) financial departments.
As can be seen by J.P. Morgan Chase & Co., which is planning to spend a half billion dollars on cybersecurity in 2016, financial institutions have been in the avant-garde in taking significant steps to bolster their cybersecurity competences in recent years. Their continued challenge, due to the fast pace of technological change and the increasingly sophisticated nature of threats, should be a beacon to enterprises and companies in all sectors, especially since the financial sector is often the first to confront new cybersecurity threats, such as new more sophisticated types of ransomware or Man-in-the-Browser attacks.
Healthcare Organizations: target, transition and a new hybrid
With the wealth of personal information that exists in the databases of healthcare systems, the healthcare industry continues to suffer from an exceptionally high number of data breaches. According to the latest Identity Theft Resource Center (ITRC) report, over 120 million patient records were compromised as a result of healthcare breaches in 2015. The Anthem data breach, in which close to 80 million patient data records were exposed, is reaching potential damages that is likely to be higher than the $50 per individual – an extent of damages more typically seen in cases of credit card number theft. Furthermore, the disclosure of permanent identifiers such as Social Security numbers and medical ID numbers could conceivably result in a lifelong threat as opposed to credit cards that can be cancelled. Furthermore, even after fraudulent medical information is discovered, medical privacy laws make it difficult to completely remediate the information.
In addition to the colossal risks, healthcare organizations in the U.S. have recently joined the race for effective cybersecurity solutions, especially due to HIPAA that includes requirements to protect health information from fraud and abuse. HIPAA’s requirements regarding electronic medical records (EMR), electronic health records (EHR) compliance raises cybersecurity challenges such as finding the resources to secure data conversion, encryption, and storage.
Beyond being an attractive target to hacking, the healthcare industry faces risks stemming logistics: as the paper-based processes continue to become digitized, the amount of electronic documents will increase dramatically. As a result, the need to secure this complex environment against sophisticated APTs and the wide spectrum of cyber-attacks (e.g. Smart Infusion System, Smart Infusion Process, Wireless Vital Signs, etc.) poses massive challenges that require suitable cybersecurity solutions.
Additionally, healthcare technology is blurring the traditional lines between IT (e.g. infrastructure, applications and Rx dispensing systems), medical equipment (robotic surgery, remote telemetry systems etc.) and building systems (security, Infection Control Systems, IP phones etc.). This trend must be addressed through private and public sector efforts to outline the threats and find solutions that can effectively protect these new systems.
Learning from the leaders
As the 2015 hacks have shown us, cybercriminals do not necessarily use the most advanced or sophisticated attacks to hack organizations. Attackers have become more powerful because the number of entry points they can use to access vulnerable networks is rising exponentially and cybercrime-as-a-service has become more available. Accessing any organization in the world has become easier than you can even imagine.
Enterprises and SMBs must learn from the biggest players on the market and gain a deeper understanding about their security risks, vulnerabilities, relevant attack vectors, and available technologies that can protect them against cybersecurity threats in 2016 (e.g. corporate ransomware and zero-day threats).
There is a critical need for cybersecurity solutions that provide the level of protection that is being used by finance and healthcare leaders and meets the needs arising from recent developments. Read more about how Deep Instinct is applying innovative deep learning technology to bring a much needed, new level of security to enterprises.