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What are the cyber-threats to the technology sector?

13 April, 2022

It wouldn't be inaccurate to say that, when it comes to cyber threats, the technology sector has seen more than its fair share.


In fact, research shows that an average of 150,000 threats per week were recorded against the sector in 2021. While it’s true that attacks affect every industry, the technology sector’s relentless innovation and large data pools are highly attractive to cybercriminals.


Whilst the technology sector is more likely to have a board member with a specific cyber or data security remit, its reliance on technological solutions can hamper its ability to mitigate attacks.


According to Verizon’s Data Breach Investigations Report, 85% of cyber-attacks have a human element to them, and no purely technological solution can reduce this risk.


But what are the top cyber threats faced by the technology industry? Join us as we take a look.


Ransomware


One of the biggest threats to any kind of business is disruption that prevents everyday operations. Taking systems offline is one way that a business can be disrupted and the longer the disruption, the more money it will cost.


Ransomware has grown to become one of the key threats facing companies. Put simply, ransomware attacks lock data and systems behind strong encryption and demand payment in turn for returning control of the data. Often, these attacks begin with a simple phishing email and a compromised file download.


Early adoption vulnerabilities


It stands to reason that companies that provide communications and technology solutions will be at the forefront of the adoption of cutting edge technologies. Whilst this can often make for a productive office environment, it can also make them an easier target than companies who do not adopt the very latest in digital tools.


Day-one vulnerabilities, unpatched software and even hardware vulnerabilities are not at all uncommon in new products and software, so being early adopters provides more opportunities for hackers to exploit vulnerabilities.


Distortion


Another emerging problem for the technology sector is the distortion of information, where social engineers alter documents or data for financial gain.


There are various techniques associated with distortion, such as editing documents so an accounts department pays an invoice into the hacker’s account rather than the genuine person who raised the invoice. Another way that distortion can be used is by altering information about the company which could damage brand reputation and lose consumer trust.


The key to reducing the efficacy of distortion attacks is training your team on the techniques employed by social engineers.


Phishing attacks


Phishing attacks are by far the most common root cause behind cybersecurity breaches, including ransomware, malware and spyware attacks.


They’re also increasingly sophisticated, utilising proven psychological principles to bypass scepticism. Indeed, a study of our simulated phishing emails found the two elements which combine to create a 94% phishing success rate.


At Bob’s Business, we have a range of solutions designed specifically to reduce your risk of a breach. Our human-focused training is engaging, effective and proven to reduce your risk of a successful attack and increase policy adhesion.


Book a free consultation with one of our cybersecurity training solution experts to boost employee awareness, keeping your business protected from the full range of cyber threats.


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