Key Points
- Healthcare and banking sectors are prime targets due to valuable data and inadequate security investment
- Stolen medical records worth nearly ten times more than stolen credit card data on black markets
- Security is increasingly becoming a board-level priority as IoT expands attack surfaces
Cyber attacks on retail point-of-sale systems, a type of terminal used to process card payments at checkout, are rising globally as hackers target financial data. Banks, payment channels and healthcare providers face mounting threats as enterprises expand their digital footprint through cloud, mobile and IoT deployments.
Muthu Raja Sankar, managing director, Accenture Security, Accenture India, in an interview with TechObserver.in, explains why customer-facing industries and critical infrastructure remain lucrative targets, and how security strategies are evolving to address converging physical and cyber threats.
Edited excerpts:
How is the enterprise security space evolving?
More enterprises are deploying cloud, mobile and social solutions to engage with end customers and drive greater efficiencies. Some are going further to enable IoT devices, which refers to internet-connected equipment such as smart watches, fitness trackers and internet-enabled televisions.
As a result of the evolution of mobile, social, cloud and analytics technologies, enterprises are placing greater importance on security and risk management solutions.
Globally, there are increasing reports of attacks on retail point-of-sale systems aimed at financial gain. Banks and payment channels remain lucrative targets for hackers looking to steal valuable customer data and access customer accounts.
Customer-facing industries that generate revenue through internet or mobile platforms are experiencing more Denial of Service attacks, where attackers overwhelm systems with traffic to make them unavailable, and Distributed DoS attacks, which use multiple compromised computers to amplify the assault.
Trojans, a type of malicious software that disguises itself as legitimate programmes, and malware such as Dyreza and Tinba have infiltrated computing systems. These use man-in-the-browser techniques, where malware inserts itself between the user and their web browser to intercept data, and can evade two-factor authentication.
Businesses in critical infrastructure and industrial control systems industries such as utilities, energy, power and oil and gas remain high on attackers’ radars due to the potential for widespread damage.
Security strategies for such companies are evolving as physical and cyber security converge. Governments are also placing greater emphasis on cyber security as state-sponsored attacks become cyber weapons capable of damaging national reputations and critical businesses.
What is the outlook for enterprise security going forward?
As businesses become more connected through the Internet of Things, edge devices including embedded sensors, smart machines, wearable devices and connected industrial equipment are creating new vulnerabilities for security, privacy and data integrity.
Despite best efforts, organisations cannot completely prevent cyber attacks. In addition to strengthening defences, they will need to enhance resilience, which means the ability to recover from security incidents and resume normal operations.
With potential impacts on brand reputation, shareholder value, revenue and compliance, security is increasingly becoming a board-level priority.
Enterprise security will require continuous monitoring, agile response capabilities and round-the-clock operations. This need for continuous expertise, combined with growing security complexity, is leading enterprises to seek solutions from specialised providers with the necessary technical knowledge and industry expertise rather than building their own security infrastructures.
The industry is moving towards an as-a-service model, with enterprises expecting security-as-a-service capabilities from technology vendors.
Which sectors are likely to increase demand for enterprise security solutions?
Sectors that rely heavily on innovation and intellectual property for sales and revenue must prioritise security for their survival.
Customer-focused businesses collecting customer data during engagement, such as retail, FMCG, food and beverages and consumer electronics, face growing risks of data loss and sabotage. Numerous attacks have already occurred in these sectors.
Critical infrastructure and industrial process businesses present high-risk targets due to their operational nature and potential ripple effects from security incidents. Governments face risks to national security, development and reputation.
The healthcare sector, which promises technological benefits like cost-effective treatments and wider access, has become a prime target for cyber attackers. A key reason is inadequate cyber security investment in the sector.
Stolen medical records reportedly hold nearly ten times the value of stolen credit card data on black markets, making them extremely lucrative.
Overall, every sector is becoming more aware of cyber security risks each year and is prioritising technology investments in advanced security strategies and solutions.
Your Questions, Answered
Why is healthcare a prime target for cyber attacks?
According to Accenture's Muthu Raja Sankar, the healthcare sector has inadequate cyber security investment. Stolen medical records reportedly hold nearly ten times the value of stolen credit card data on black markets, making them extremely lucrative for attackers.
What types of cyber attacks target banks and payment systems?
Banks and payment channels face Denial of Service attacks, Distributed DoS attacks and Trojans like Dyreza and Tinba. These use man-in-the-browser techniques to intercept data and can evade two-factor authentication, according to Accenture Security.
How are enterprise security strategies changing?
Security strategies are evolving as physical and cyber security converge. Enterprises are moving towards security-as-a-service models and seeking specialised providers rather than building their own infrastructure, as continuous monitoring and round-the-clock operations become essential.
Which industries face the highest cyber security risks?
Sectors relying on intellectual property, customer-facing businesses collecting personal data, critical infrastructure including utilities and energy, governments and healthcare all face elevated risks due to their data value and potential impact from security incidents.
