The biggest, and often first, major mistake organizations make is adopting a mindset of “It won’t happen to us.” This false sense of security is typically more prevalent in smaller and mid-size organizations, which may erroneously assume they aren’t a lucrative enough target to draw cybercriminals’ attention.

However, the most prevalent types of threats and cyberattacks don’t discriminate based on organization size. Many become targets and victims based on attackers knowing their defenses are likely lower than at larger enterprises. Outside of insider threat possibilities, malware, ransomware, phishing, and other types of social engineering remain the most prominent types of cyberattacks.

Cybersecurity threats can affect a wide range of industries and organizations. However, some sectors are more frequently targeted than others due to the nature of their operations and the value of the data available. Organizations in the following areas must make concerted efforts to maintain effective cybersecurity solutions, as they’re among the industries most commonly targeted by outside cyber threats:

Cyber Threats to Government and Public Administration
Despite augmented cybersecurity compliance regulations, governments and public agencies of all sizes at local, state, or federal levels are often targeted for political, economic, or espionage reasons. Malicious actors, international ransomware collectives, and “hacktivists” with financial or ideological motivations may seek out susceptible databases or third-party vendors with access to sensitive citizen data or confidential information.

Cyber Threats to Finance, Banking, and Insurance
Greedy cybercriminals go where the money is. Financial institutions and insurance providers who manage massive amounts of money, payment data, and personal information are some of the most attractive targets due to the lucrative value of their assets.

Cyber Threats to Healthcare
The healthcare industry is increasingly targeted for its sensitive patient records and wealth of personal information. Stolen records, including social security numbers or financial information, can be used to demand exorbitant ransom payments or be auctioned off to the highest bidder on the dark web. Third-party vulnerabilities and endpoint security across interconnected systems and devices are among the most common causes of breaches compromising sensitive data across healthcare networks.

Cyber Threats to Retail
From traditional brick-and-mortar locations to today’s digital-first storefronts, retailers have long been a common target of theft and fraud attempts. Cybercriminals frequently target retailers for their internal or cloud databases of customer information, including credit card details. E-commerce platforms, point-of-sale systems, and other vendors throughout the supply chain are common attack vectors for cyberattacks targeting other, larger retailers.

Cyber threats have dramatically evolved over the years, transitioning from simple viruses and worms aimed at causing nuisance to sophisticated attacks designed for financial gain, espionage, and disruption of critical services. This evolution reflects technological advancements, shifts in cybercriminal tactics, and the increasing value of digital assets. Recent trends such as ransomware, phishing, AI-driven attacks, and state-sponsored hacking are modern cybersecurity threats requiring evolving solutions.

There will never be one universal cybersecurity solution to defend any organization from all cybercrime and the litany of threats they face, both known and unknown. The evolution of cyber threats, including ransomware, cloud vulnerabilities, and attacks utilizing the latest state-of-the-art technologies, will continue to make attacks more sophisticated. However, Gartner Peer Community research shows more than 71% of industry leaders are optimistic that cybersecurity solutions will be able to adapt and protect against whatever attacks and threat advancements the future holds.Some of the emerging technologies that will undoubtedly play a role in the future evolution of cybersecurity solutions include:

Artificial Intelligence (AI) and Machine Learning (ML) Automation Cyber Solutions
All new technologies have the potential to be put to use by malicious cybercriminals for nefarious purposes, but every double-edged sword can be used for stronger protection, too. AI advancements will naturally feed into other areas of cybersecurity, such as blockchain technologies and the Internet of Things (IoT), but are already finding valuable uses in threat detection and vulnerability management.

Machine learning algorithms will continue to evolve, developing the capacity to anticipate, identify, and neutralize threats at a pace surpassing human capabilities. AI and ML cybersecurity solutions could be used to predict future threats or attacks and automate repetitive tasks that free up personnel for more complex issues. With further advancements in automated threat intelligence and phishing or malware detection, AI is poised to become more important in the future of cybersecurity.

Blockchain Technology Cyber Solutions
Blockchain technologies emphasizing data lineage and integrity have the potential to enhance trust in all digital transactions significantly. Because of blockchain networks’ decentralized nature, they can securely store and transfer payment information, making it much harder for cybercriminals to compromise the network. Governments, financial institutions, healthcare networks, and other sectors in which data breaches can have significant consequences are among those in which blockchain technology can be particularly effective.

Internet of Things (IoT) Security
The proliferation of interconnected IoT devices brings new endpoint security concerns and can introduce expansive vulnerabilities. Regular software and firmware updates, multi-factor authentication, and other new security measures will be essential to better protect against IoT-related cyber threats.

Quantum Computing Cyber Solutions
Quantum computing is often viewed as the public enemy number one of data encrypting as it has the potential to decrypt sensitive information quickly and effortlessly. However, quantum computing’s capabilities to quickly solve problems also lend themselves to developing new, more secure forms of encryption for unprecedented protection.

In the ever-evolving world of cybersecurity defense, many threats, risks, and vulnerabilities demand diverse and versatile problem-solving solutions. Cybersecurity solutions encompass a wide, expanding range of technological tools and services designed to help defend organizations against cyberattacks, data breaches, insider threats, and other risks.

What is the Best Cybersecurity Solution?
There’s no one-size-fits-all cybersecurity solution. While public sector agencies and private businesses can partner with a single managed security services provider (MSSP) to meet many of their risk management needs, many organizations will require multiple types of cybersecurity solutions. Many cybersecurity tools and vendors can complement one another for a comprehensive, holistic approach covering email security, data protection, endpoint devices, cloud security, and more.

How to Determine Your Cybersecurity Needs
Before procuring new cybersecurity for your organization, it is imperative to conduct an internal assessment of your current resources, security posture, and any gaps in protection.

• What types of cyber risks and threats exist in your industry?
• How does security impact your business goals and priorities?
• What kind of sensitive data does your organization handle?
• Who has access to valuable digital assets?
• Are there compliance and regulatory requirements you must meet?

Questions like these can help you identify opportunities for improvement and narrow down what types of cybersecurity solutions will help meet your organization’s specific needs. Self-assessments often highlight outdated software, overlooked processes or policies, third-party vendor vulnerabilities, compliance concerns, and other areas where potential fraud, theft, or privacy violations could occur.

What to Consider When Outsourcing Cybersecurity
From network security firewalls and access control measures to data encryption tools, virtual private networks (VPNs), cloud security solutions, and more, your organization’s security needs may require implementing multiple new cybersecurity solutions. When weighing and choosing your organization’s cybersecurity solutions, keep the following considerations in mind:

• Budget: According to Statista, cybersecurity is a billion-dollar industry, with an average spend per employee projected to reach north of $52 in 2024. While pricing shouldn’t be the sole determining factor, evaluate upfront costs and ongoing expenses when evaluating how much you want to spend on cybersecurity. Spending more upfront on more capable cybersecurity solutions may help prevent successful attacks and data breaches, which can lead to compliance fines, lost customers, and potentially costly lawsuits.
• Security Features & Compliance: Thoroughly evaluate each potential cybersecurity solution’s breadth and strength of security features. Look for features that align with your organization’s needs, preferences, and compliance support requirements. Your cybersecurity solutions should easily facilitate compliance with all applicable industry regulations.
• Integration & Scalability: Cybersecurity solutions should seamlessly integrate with your organization’s existing systems and infrastructure, saving users and security teams valuable time and energy upon implementation and ongoing growth. As your organization evolves and grows, cybersecurity solutions should also be scalable and flexible enough to accommodate changing needs.

While newer technologies have been widely accepted and have revolutionized day-to-day business operations, business adoption of cybersecurity measures has not kept pace. Organizations can’t afford to neglect cybersecurity, and ineffective, misaligned, or misguided protection can be just as problematic as no protection. 

Two-thirds of Critical Start and Censuswide’s 2023 Cyber Risk Landscape Peer Report respondents indicate limited visibility and insight into their cyber risk profiles. How can organizations establish a proper solution when they don’t understand the problem? Cybersecurity consultants are one available option, but the industry’s ongoing skills shortage makes establishing robust in-house security teams a significant challenge for many organizations. 

Outsourcing for cybersecurity solutions has become an increasingly popular and effective alternative, especially for organizations lacking the resources to dedicate to full-time personnel and significant infrastructure investments. Gartner forecasts that 42% of global risk management spending—an estimated $90 billion—will be spent on outsourcing security services in 2024. Forward-thinking organizations aren’t afraid to seek help in areas where they aren’t experts, with 93% of Critical Start’s report respondents planning to offload elements of cyber risk reduction to outsourced security providers within the next two years.

Checklist for Outsourcing Your Cybersecurity Solutions

If your organization is considering outsourcing cybersecurity solutions and services, keep these best practices top of mind: 

• Refine and clearly define your organization’s cybersecurity objectives and expectations before approaching prospective providers. Offer a clear scope of needed services, budgetary limits, reporting requirements, and communication expectations to receive more accurate quotes and streamline the outsourcing experience.

• Ensure cybersecurity vendors’ certifications are valid and their capabilities are strong enough to secure your organization’s valuable, sensitive data and networks. Seek out expertise and experience that aligns with your specific security needs.

• Seek 24/7 network monitoring coverage and guaranteed response times. Ask about incident response plans and their resources for handling active threats.

• You won’t regret the time spent verifying references for prospective cybersecurity partners or conducting thorough research into online reviews or customer complaints.

• Ask providers about their auditing and compliance processes. Providers with relevant experience in your industry should be able to sufficiently organize, document, and maintain all of your organization’s compliance requirements.
• Dive into the details and get everything in writing. Written contracts should specify expectations of an outsourced cybersecurity partner, including how they’ll proactively protect your organization and courses of action in response to a breach or security incident. Consider clauses concerning flexibility and scalability to accommodate growth or changing needs.