Can technology ever be fully cyber-secure? Increasing tech stack complexity creates new risks, so you end up playing catch-up with your cyber security. The truth is, there will always be more risks than resources. Your best bet is to calculate your risks and focus on the most pressing ones for your organisation.
It’s expected that the total global cost of cybercrime will reach US$15tr by 2025. Young, fast-paced tech businesses are especially vulnerable.
“Such companies are tech-driven, they keep building and building. But once a certain threshold is reached, they realise they have done nothing to secure all this new technology and information. That’s something we see quite often in the tech sector,” says Maximilian Faggion, DataGuard's information security expert.
In this article, we’ll cover:
Why is the tech sector vulnerable to cyberattacks?
Tech companies are often so caught up in the thrill of innovation and expanding their technological boundaries that cyber security tends to get pushed to the back burner. It’s a common story: a tech firm focuses all its energy on growth and development, only to realise too late that it has neglected to protect the very innovations that make it valuable.
And with new technology come new threats. For example, the COVID-19 pandemic pushed companies further onto the cloud, and increased cyber risks came with it. IBM reported that in 2023, 82% of data breaches involved data stored in cloud environments—public cloud, private cloud or across multiple environments.
What are the key aspects of cyber security in the tech industry?
Let's look at cyber and information security in tech through the prism of the Confidentiality, Integrity and Availability (CIA) triad. Businesses in the tech industry are primarily interested in the availability of their systems because they sell or offer products and services hosted online. A platform that’s offline due to a ransom attack can do enormous damage to the company, both financial and reputational.
This changes dramatically if your company deals with highly sensitive data (customer-identifying financial data, protected health information, etc.) because then confidentiality plays a greater role. Based on these aspects, tech companies would benefit from focusing on cyber security measures that address risks to availability and confidentiality first.
What are the biggest cyber risks tech companies are facing today?
Tech companies constantly fight data loss and cyberattacks, threatening information availability and confidentiality. High-profile incidents like the DDoS attack on Amazon Web Services illustrate the critical need for reliable backup systems and robust cyber security defences to prevent downtime and data breaches.
The reliance on third-party services and software adds another layer of risk, as seen in the Equifax breach. These incidents call for robust security management and updates to protect against vulnerabilities that could expose sensitive data or disrupt services.
Finally, the human aspect of cyber security, including insider threats and lack of awareness, is known to be a weak point. It stems from inadequate training, unclear communication of security protocols, and insufficient awareness efforts.
What cyber security measures should you take if you’re a tech company?
Businesses in the tech sector vary widely in size, focus, and technology, making their cyber security needs just as diverse. Let’s look at a few examples of tech companies and how they could approach cyber security.
The biggest concern in SaaS is downtime
Perhaps you’re a manufacturer transitioning into a SaaS company. You’re digitalising your operational technology, which exposes you to new risks and threatens availability and confidentiality.
First, you’ll need bulletproof data encryption because you’re probably harbouring large amounts of sensitive data concerning machinery and production. You’ll need to protect the data as it moves into the cloud—encrypt data both in transit and at rest.
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Cloud security is another cyber security measure you’ll need to focus on to ensure availability. Secure cloud storage against unauthorised access using access controls, authentication, and authorisation, and make sure you’ve got data backups and recovery plans ready.
While security teams understand the needed steps, statistics reveal they're not quite hitting the mark. This gap in having a solid IT security architecture is why many businesses still end up getting hacked.
None of the measures will work if your company has no security culture. Employees need to know that the data they’re handling is sensitive. That’s something most cyber security training and awareness programs miss. The focus is on detecting phishing and social engineering attempts but not so much on the sensitive data itself.
How sensitive is it? What damage can be caused using this information? In what ways can it be exploited? It needs to be clearly stated who has access to what and with whom they’re allowed to share it.
“Employees need to know that the data they’re handling is sensitive. That’s something most cybersecurity training and awareness programs miss. The focus is on detecting phishing and social engineering attempts but not so much on the sensitive data itself. How sensitive is it? What damage can be caused using this information? In what ways can it be exploited?”
MedTech companies deal with highly sensitive data
MedTech companies handle a wide range of confidential data, including Protected Health Information (PHI), details about hospital operations, employee schedules, medical equipment, and patient data. This information is sensitive and highly regulated, placing a greater emphasis on the need for stringent confidentiality practices.
Some MedTech companies may also provide services such as monitoring critical health metrics. Here, organisations have the headache of maintaining data confidentiality while ensuring the uninterrupted availability of their devices and services.
This means that the balance shifts based on the device's role in patient care—data privacy is fundamental, but device uptime is non-negotiable for life-saving equipment. So, as a MedTech company, prioritise strong encryption and backup systems for cyber security.
A data breach can end a FinTech company
In FinTech companies, data confidentiality is above all else. Customers typically understand and accept brief interruptions to online services if it means their personal and financial information remains secure. But they might not be as forgiving should their data get corrupted and appear on the dark net. In fact, such a data breach might even end your company.
To know if you’ve been compromised, monitor the dark net and check if your company’s name hasn’t appeared. If it did, you’ll need to inform your customers and relevant institutions. Fines for data breaches in the finance sector are painful and often exceed multiple millions.
Robust encryption systems and threat detection technologies are also necessary. This involves advanced endpoint detection and response tools to identify malicious activities and potential breaches early.
You don’t often hear about ransomware attacks in FinTech companies. Hackers are much more likely to use ransomware on manufacturers. In the finance sector, cybercriminals do not aim to disrupt operations; their main goal is stealing valuable data. They may go as far as fixing an error in your system to make sure it doesn’t go down, and the data they’re stealing keeps flowing.
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Something else to note: If you’re using outdated operational technology (OT), it can be difficult to install modern security upgrades, and protect yourself with the latest tech. Instead, you've got to manually map out how everything communicates and keep an eye out for anything odd—define the normal to spot the abnormal. You’ll need expert guidance, someone who knows how to define such abnormalities and identify security risks.
What you can do to strengthen your security posture
Your cyber security “toolbox” should include a risk-based approach, a good platform to manage it all and experts to advise you when needed.
Think risks first
Begin by pinpointing the risks that pose the biggest threat to your business continuity. Where are your weak spots? What could kill your business operations? For more efficient risk management, get a platform for a complete overview of what needs protection. That way, you’ll target your efforts exactly where they’ll make the most difference.
Hackers are upgrading, so should your cyber security
Stay on your toes. Hackers are only getting smarter, especially thanks to Gen AI, so should your cyber security. Always consider new risks as the tech and the data handled in your organisation change, because so does your security posture. Keep it accurate and relevant.
Get experts to help you
If you're managing IT security on your own, including CISO tasks, you’re likely overwhelmed with updates, assessments, and compliance. Partnering with security experts can help. They can spot risks you might miss and give clear advice on improving your cyber security strategy.
At DataGuard, we can provide you with an AI-powered platform to manage risks and help you comply with frameworks such as ISO 27001, GDPR, or NIS2. However, you won’t be left alone—we have experts to guide you through it. Book a meeting with us to ask any questions you might have.
Frequently Asked Questions
What are cyber security measures?
Cyber security measures are a range of strategies and technologies intended to protect computer systems, networks, and data from unauthorised access, cyberattacks, and other threats.
What is cyber security used for in IT?
Cyber security in IT is used to protect digital assets, including hardware, software, and data, against cyber threats such as malware, phishing attacks, and data breaches, ensuring the confidentiality, integrity, and availability of information.
What is cyber risk assessment?
Cyber risk assessment means identifying, analysing, and evaluating potential risks and vulnerabilities in an organisation's IT infrastructure, applications, and processes to determine the likelihood and potential impact of cyber threats and attacks.
What’s the difference between cyber security and information security?
Cyber security primarily deals with protecting digital systems, networks, and data from cyber threats, while information security is a broader range of measures aimed at protecting all forms of information – physical and digital. However, as most organisational processes move online, cyber security and information security are increasingly used interchangeably.
