Financial and Medical Cybersecurity | WILLCO TECH

Medical providers are vulnerable

The healthcare and medical industry is prone to cyber security attacks and the costs are significant. Globally, the healthcare industry has the highest costs associated with data breaches—an average mitigation cost of $6.45 million. Data breaches in the medical sector typically cost 65% more than other industry sectors, according to The Ponemon Institute/IBM Security 2019 Cost of a Data Breach Report.

Tactics such as advanced persistent threats and phishing are used to target medical and healthcare organizations. These growing and recurring threats are why WILLCO TECH considers this a key area to lend its expertise.

Financial information needs protection

According to the Boston Consulting Group, financial institutions are 300 times more vulnerable to cyber attack than other sectors.  The health of the cybersecurity industry is not as strong as it should be, as cyber criminals target access to personal identification information and cryptocurrency data through phishing, social engineering, web-based attacks, and denial-of-service methods to gain access.  While financial companies invest heavily in physical security, the growing need is to consider the investment and efforts made in digital security as well. It is estimated by the International Data Corporation (IDC) that banks and financial institutions will invest 35% of their budgets on security by 2023 (including 10% on cybersecurity).  

According to Deloitte, it is not only increased security budgeting which is needed, but more diligence in the training aspect of cybersecurity.  This is where WILLCO TECH and Cyberstar can drive better employee behaviors through robust cybersecurity credentialing and training.