Major U.S. industries face similar cybersecurity challenges and standards due to the nature of their operations and the type of data they handle. By understanding cybersecurity and regulatory requirements of different industries, cybersecurity service providers can expand their business and offer more effective protection.
Cybersecurity Needs Across Industries
While each industry has unique cybersecurity needs and compliance requirements, some best practices are universally applicable.
- Risk Assessments: All industries need regular assessments to identify and address potential vulnerabilities.
- Advanced Technologies: Advanced security technologies, including encryption, multi-factor authentication, and intrusion detection systems, are essential.
- Employee Training: Employee awareness and training on cybersecurity best practices and the importance of protecting sensitive information is needed across industries.
- Incident Response Planning: Every industry should have and regularly update incident response plans to quickly address and mitigate cyber incidents.
- Regular Audits: Regular security audits are critical to establish compliance with regulatory requirements and identify areas for improvement.
The Cybersecurity Landscape in Healthcare
The healthcare industry is a prime target for cyberattacks due to the sensitive nature of the data it handles, including patient health records, personal information, and payment details. Healthcare’s top cybersecurity needs include:
- Data Protection: Protecting electronic health records (EHRs) and ensuring data integrity and confidentiality.
- Network Security: Securing the network against unauthorized access and allowing only authorized personnel to access sensitive information.
- Incident Response: Developing incident response plans to address and mitigate cyber incidents’ impact quickly.
Following a ransomware attack on Change Healthcare in February 2024, many healthcare systems experienced missing and delayed payments. By the end of Q2, larger health systems recovered faster, narrowing payment gaps. However, smaller systems were still down between 3% and 11.1% of the revenue expected from February patient visits.
Relevant Healthcare Regulations and Standards
The healthcare industry follows specific standards and adheres to several compliance regulations specifically related to cybersecurity to protect patient data, safety, and privacy.
- The HIPAA (Health Insurance Portability and Accountability Act) requires the protection of patient health information and mandates secure medical data handling.
- The HITRUST CSF (Health Information Trust Alliance Common Security Framework) provides a certifiable framework that harmonizes various security, privacy, and regulatory requirements.
- The Payment Card Industry (PCI) Data Security Standard (DSS) establishes regulations and standards for all entities that process, store, or transmit credit card information. Compliance helps protect cardholder data, minimizes fraud risk, and maintains the trust of customers and payment networks.
- Food and Drug Administration (FDA) cybersecurity guidelines for medical device manufacturers verify the safety and effectiveness of healthcare facilities and lab equipment.
The Cybersecurity Landscape in Finance
The financial industry is highly susceptible to cyber threats due to the value of financial data and the potential for financial gain by attackers. Financial institutions must protect against fraud, data breaches, and other malicious activities. Finance’s key cybersecurity needs include:
- Fraud Prevention: Measures to detect and prevent fraudulent activities.
- Data Encryption: Guaranteeing that sensitive financial data is encrypted both in transit and at rest.
- Access Controls: Strict access controls that allow only authorized personnel to access sensitive financial information.
Cybercriminals accessed the personal data of more than 7.6 million account holders at Evolve Bank & Trust in a February 2024 ransomware attack. As a banking-as-a-service giant in the modern financial sector, Evolve’s vulnerabilities also exposed sensitive information of customers at the bank’s various fintech partners.
Relevant Finance Regulations and Standards
The financial sector is subject to stringent regulations to protect consumer data and validate the stability of financial systems. Compliance requirements include:
- The Payment Card Industry (PCI) Data Security Standard (DSS) mandates secure handling of credit card information.
- The FTC’s Gramm-Leach Bliley Safeguards Rule requires financial institutions to safeguard sensitive data and report data breaches.
- SOX (Sarbanes-Oxley Act) compliance includes cybersecurity measures that limit ransomware attacks, email phishing, and data breaches.
The Cybersecurity Landscape in Manufacturing
The manufacturing industry faces unique cybersecurity challenges due to integrating operational technology (OT) with information technology (IT). Cyberattacks on manufacturing can disrupt production processes and cause significant financial losses. Manufacturing’s cybersecurity needs include:
- Industrial Control Systems (ICS) Security: Protection of systems that manage industrial processes and operations from cyber threats.
- Intellectual Property Protection: Safeguarding proprietary manufacturing processes and trade secrets.
- Supply Chain Security: Verifying the entire supply chain is secure from cyber threats.
A July 2024 ransomware attack against Bassett Furniture Industries caused the company to shut down manufacturing facilities for almost a week, leaving its stores unable to fill orders. While the financial consequences of the cyber incident have not been determined, the company was already facing a 17% decrease in quarterly revenue compared to the previous year.
Relevant Manufacturing Regulations and Standards
Manufacturers must adhere to regulations ensuring industrial systems’ security and intellectual property protection.
- NIST SP 800-171 (National Institute of Standards and Technology Special Publication) provides guidelines for protecting controlled unclassified information (CUI) in non-federal systems and organizations.
- The CMMC (Cybersecurity Maturity Model Certification 2.0 Program) enhances cybersecurity practices and processes across the Defense Industrial Base (DIB), streamlines requirements to three levels of cybersecurity, and aligns the requirements at each level to NIST cybersecurity standards.
- The ISO/IEC 27000 family standards provide a comprehensive plan for manufacturing organizations to implement cybersecurity measures to protect their information assets, manage risks, and confirm their information’s confidentiality, integrity, and availability.
The Cybersecurity Landscape in Government
Government agencies face significant cybersecurity challenges due to the critical nature of their functions and the sensitivity of the information they handle. Cyberattacks on government systems can compromise national security, disrupt public services, and weaken public trust. The government’s top cybersecurity needs include:
- Critical Infrastructure Protection: Ensuring the security and resilience of critical infrastructure, such as energy, transportation, and communications systems.
- Data Privacy: Protecting citizens’ personal information and maintaining the confidentiality of sensitive government data.
- Cyber Defense: Advanced cyber defense mechanisms to detect, prevent, and respond to cyber threats.
An April 2024 ransomware attack by a Russian hacker group forced multiple Jackson County, Missouri, offices to close for several days. It was the third Kansas City area government organization to experience a significant cyber incident within a six-month span.
Relevant Government Regulations and Standards
Government agencies must practice stringent cybersecurity measures to protect national security and public interests. Some requirements and standards include:
- The Federal Information Security Management Act (FISMA) mandates how federal agencies, contractors, and other organizations must manage federal data and information systems.
- FIPS (Federal Information Processing Standards) specifies standards for federal information systems when there are no acceptable industry standards or solutions for a particular government requirement.
- NIST Special Publication 800-53 provides a catalog of security and privacy controls for federal information systems.
- FedRAMP (Federal Risk and Authorization Management Program) standardizes cloud products and services’ security assessment, authorization, and continuous monitoring.
- Established by the North American Electric Reliability Corporation (NERC), the Critical Infrastructure Protection (CIP) Standards focus on securing critical infrastructure and the electric grid. The standards apply to contractors for governments, public utility providers, and local entities that own or operate power grid facilities.
- The Criminal Justice Information Service (CJIS) Security Policy provides a backing for federal, state, and local law enforcement agencies to protect the sources, transmission, and storage of criminal justice information (CJI).
Discover Industry-Spanning Opportunities in RAMPxchange
Cybersecurity is a critical concern for organizations across all sectors. The RAMPxchange cybersecurity marketplace includes public and private organizations from various industries needing cybersecurity services. Contact a RAMPxchange representative today to learn more about selling your services in the marketplace.