By Cameron Abbott and Wendy Mansell
A recent report released by Moody’s Investors Services has shed some light on which business sectors are most at risk for cyberattacks.
After assessing 35 broad sectors it was concluded that banks, hospitals, security firms and market infrastructure providers face the highest risk. This was based on levels of vulnerability and the potential impact an attack would have.
The key determinative factor for these sectors is that they all rely strongly on technology and the vital role of confidential information in their operations.
The financial repercussions following a cyberattack in each of these sectors is extremely significant when considering the costs of insurance, penalties, consumer impact, potential litigation costs, R&D and technological impact to name a few.
The financial market is so high risk because of the financial and commercial data it holds and ever increasing fact that its services are being offered digitally, across multiple platforms i.e banking mobile/smart watch apps.
On a similar note because medical records are primarily collected and held in electronic form hospitals are very attractive to hackers given the sensitive nature of the data.
While the industries should not be a shock to the reader, it is important for participants in those industries and for suppliers to those participants to realise the risk profile that attaches to them and have procedures in place reflective of those risk levels. How one manages these risks in now likely to have indirect cost implications when you see ratings agencies like Moody’s assessing these sorts of areas.