What’s Being Hacked (And What Changed with Covid)

Each week in October, as part of Cybersecurity Awareness Month, we’ll publish an article packed with facts and stats, to give you an in-depth look at the state of cybersecurity in today’s world. We’ll start with the basics, then cover vulnerabilities, risks, costs – and much more.

Following Part 1: Hacking Basics of our Hacking the World series, in Part 2 we’re focusing on what exactly is being hacked – from data to devices and applications. And, extending a nod to the impact the pandemic has had, we’ve also included several facts about hacking during times of COVID-19.

Need a refresher of key hacking terms and definitions? Here’s a link to our helpful cybersecurity glossary we published in Part 1.

Jump to a section below, or read on:

Risk Data, Devices & Applications

The Covid Effect

Risk Data, Devices & Applications

The data, devices, and applications that hackers target with cyberattacks, and the methods they use to conduct these attacks.

Financial Records Are Vulnerable

Companies collect a treasure trove of sensitive customer data: names, addresses, bank details, credit card information, even medical records. All of this information is readily available to employees and poorly protected more often than not.

This is music to the ears of your average hacker. Financial data is valuable and can allow criminals to carry out any number of fraudulent activities. 

The vulnerability and value of financial records explain why finance companies were such a common target during COVID-19. As employees worked hard to soften the ensuing economic turmoil, cybercriminals were busy leveraging phishing attempts, hacking systems, and capitalizing on employee errors.

Globally, the financial sector experienced a 238% increase in cyberattacks from February 2020 to the end of April 2020.  Altogether, nearly three-quarters of financial companies were attacked in 2020.

Losing financial records is costly. According to the Ponemon Institute, cyberattacks cost the average banking company $18.3 million in 2020.

Financial Data Leaks: Root Causes

Hackers exploit web applications, miscellaneous errors, and “everything else” (including phishing and social engineering) in 81% of…