hybrid workforce orlando

Happy Employees = Happy Bottom Line: A Case for the Hybrid Workforce

2020’s Coronavirus disease outbreak forced business owners to quickly rethink a new kind of workforce model. And while some businesses have resumed 100% onsite activities since, most businesses are choosing a hybrid workforce. Why? Flexible work schedules are directly correlated to employee satisfaction and the bottom line.

Prudential’s Pulse of American Worker survey found that 42% of remote workers say if their current company discontinues remote work options, they will look for a job with a company that does.

The 9-5 days are gone

Employees today expect flexibility. Working while juggling the plethora of life’s obligations is tough, and the hybrid workforce model is making work/life balance possible. Modern pressures and responsibilities have evolved, and so should the traditional work schedule. Employees appreciate the ability to get work done when it’s convenient for them.

Employees put a premium on physical and mental health

If you can’t afford a state-of-art gym, organically stocked cafes or daily meditation sessions onsite, that’s okay. Hybrid work models give employees the flexibility (and control) to make their physical and mental health a priority. Consider this: One survey report from Owl labs found remote workers reported less stress, more focus and a better work-life balance in comparison to fully onsite workers.

The battle for control

Good employees know when and where they are most productive. Why not give them the control to make the most of a work schedule that best suits them? Outdated, command-and-control management methods don’t inspire employees to be their most productive. It’s time to embrace a smarter, more innovative approach that allows employees the autonomy to choose how and where they get business done.

Savings all around

Hybrid work models save everyone money. A Global Workplace Analytics study found that employers can save over $11,000 per year, per employee, as a result of less office space, increased productivity, reduced absenteeism and less turnover.

The same goes for employees: The study also estimated that employees can save between $2,500 and $4,000 per year thanks to reduced food and fuel costs, lower car insurance premiums and less car wear and tear.

Productivity

Hybrid work models can empower employees to achieve their highest levels of productivity and engagement. One study from the University of Chicago found that 30% of respondents surveyed reported they were more productive and engaged when from home.

Recruitment

A 2021 Accenture survey found that 83% of workers around the globe prefer a hybrid workforce model. When it comes to competing for talent in a tight market, options like a flexible work schedule are becoming the norm, not the exception.

Retention

It makes good business sense to hold on to your best and brightest. And industry studies show that productive employees with flexible work schedules tend to stay with their employer longer than those without a flexible work schedule.

Turnover

Employee turnover is incredibly costly. Take into account the drop in morale, the impact on your organization’s reputation, and the time and money spent recruiting and training new hires.

One Workhuman study in late 2022 found employee turnover cost to be 1.5 to 2 times the amount of the employee's salary.

Conclusion

Employees who can take advantage of hybrid work models are happier, more productive, less likely to resign, a little less stressed and a little bit richer. Meanwhile, businesses offering flexible work schedules are seeing increased engagement, talent retention and reduced overhead costs.

Let’s get started: Schedule an assessment.

Whether you’re interested in starting a new work model or you’re well into it and looking to make improvements, we can help. Our staff specializes in cloud-based solutions, productivity tools and other technologies to keep remote employees engaged, efficient and connected 24/7/365.

 


hybrid workplace

How a Hybrid Workplace Can Benefit Your Business and Employees

Businesses have re-thought the way they work by introducing the hybrid workplace model. This combination of working at home and in the office has given employees the ability to be flexible, while also increasing productivity. It has truly given employees the freedom to work from wherever they feel they can do their best work. Not only has hybrid work changed where we do our jobs, but it has also changed the demands and needs of the employees themselves.

Have you started to think about transitioning to a hybrid model? If you’re wondering how a hybrid work environment can benefit your business and employees, you’ve come to the right place. Here’s to re-thinking the way we work, with these awesome benefits of implementing a hybrid work environment:

Increased Productivity

There’s speculation that giving employees the ability to work from home might decrease productivity and cause downtime. You can scrap that thought because studies from Microsoft show that 82% of leaders indicated that their workers were as productive, if not more so when working from home. At home, employees can utilize their time better by avoiding commuting, idle chit chat or unnecessary distractions that they might come across when in the office. They can choose the best times to get their work done in an area that allows them to focus better. It’s proved that happier employees who are less stressed can produce better work.

Reduced Overhead Costs

A successful hybrid workplace model can help businesses cut down on costs that would normally add up if employees were in the office regularly. Costs are always a big consideration when it comes to structuring the workplace. Fortunately, by decreasing the amount of time (or employees) who come into the office, you can reduce your overhead costs by switching to a more affordable office workstation.

Expanded Talent Pool

Offering hybrid work can open your pool of talented employees that could work for you. As hybrid work becomes more and more popular, you’re going to find more people with experience looking to join your team. Don’t shy away from these opportunities because they could make all the difference for your business, employing the best of the best.

How We Can Help You Transition

Here at , we can help you make that transition to hybrid work. Whether you need a flexible office with reliable technology solutions, or you are looking to increase your cybersecurity solutions to better protect your data we have you covered. We love to empower your business so you can focus on doing what you do best. Let us handle your IT so you can work on making your employees shine. Don’t hesitate today— give us a call.

If you’d like to learn tips on how to better prepare your business for going hybrid, check out additional blogs in our resources section.

 


End-of-the-year tax benefits

3 Ways You Can Grow Your Business in 2023

It All Starts with Buying New Tech for Your Business

In the past few years, businesses have undergone tremendous transformation in an effort to keep up with unprecedented world events and changes. All signs point to 2023 remaining just as filled with ever-evolving developments. Still, one thing is for sure — we’re bound to have opportunities for business growth and improvement. One unmissable opportunity is buying new tech for your business.

As the year ends, businesses must also gear up for tax season in order to have a financially smooth 2023. Luckily, there are end-of-the-year tax benefits that allow you to claim deductions on new tech purchases. It’s the ultimate holiday gift for your company and a great way to kick off the new year.

This blog will explore how you can prepare your business this holiday season for an even more successful year.

1. Buying New Tech for Your Business

Too many companies make the mistake of holding onto outdated technology until it dies before making new purchases. As a result, they deal with slow systems that often decrease productivity, efficiency and staff morale. Instead, businesses can take advantage of end-of-the year tax benefits like Section 179 to invest in new tech while saving big.

With Section 179, businesses can deduct the total purchase price of qualifying equipment or software purchased or financed in the tax year. This tax deduction was created to help ease tax burdens (particularly on small businesses) and encourage organizations to invest in new tech.

2. Staying Up to Date with Industry Trends

The new year will come with its own set of industry trends that you must keep on top of to remain competitive. Doing so is also a great way to ensure that your products and services are relevant to customers’ current demands.

You can keep up with trends, like digitization or automation, in several different ways. The first is to read up on trends through industry publications and websites, local and national newspapers or blogs from prominent thought leaders. Another idea is to attend conferences, trade shows or networking events where you can converse on the latest topics.

3. Addressing the Talent Challenge

One of the biggest shifts in the past few years has been how employees approach work life. Nowadays, many employees seek positions where factors like hybrid work are an option. In essence, they’re looking for a more adaptive company culture and greater flexibility overall.

As a result of these developing employee expectations, employers must re-evaluate what they can do to attract new talent. That may mean changing the company’s work structure, such as using cloud-based tools to support remote communication and collaboration. Ultimately, your business should seek out areas where you can provide new employees with an opportunity for growth and value in their careers.

Take the Next Step

2023 will arrive before we know it. There’s no doubt that with the new year will come many changes and a greater need to adapt your business to them. You can finish off 2022 by buying new tech for your business. Following that, you can look into new industry trends and reconsider how you can approach finding new talent.

Consult our IT experts if you’d like guidance on how you can leverage your tech to bring out the best in your business. You can also consult with a tax professional to learn how Section 179 applies to your business.

If you’d like to learn about other IT tools and strategies, check out additional blogs in our resources section.

 


Technology Tax Deductions

Technology Tax Deductions: Why It's Time...

For some small to mid-sized businesses, it may seem easier to hold onto technology until the device stops working. However, in today’s tech-driven world, keeping up with new technological demands is more important than ever. Otherwise, businesses risk falling behind their competitors and slowing down their operations. Luckily, the U.S. government has provided an incentive for businesses to grow with their tech thanks to technology tax deductions.

Using the technology tax deduction Section 179, businesses can write off their full purchase of new equipment at the end of the tax year, which in turn can decrease their tax burden.

Let’s explore everything you need to know about why and how you should upgrade your technology.

 

1. Enjoy Better Efficiency

Devices that run on slow systems cause numerous problems, including delays or glitches. These issues lead to downtime, which can be costly for a company and lead to possible reputational damage on behalf of customers.

Instead, with modern tech, your business can enjoy much more efficient, smoother, streamlined operations that keep your staff and customers happy. Moreover, new technology comes with better features that can help automate administrative processes so you can focus on the bigger picture.

 

2. Strengthen Your Cybersecurity

88% of small business owners feel their business is vulnerable to a cyberattack. It’s understandable why — cyberattacks are only getting more complex as hackers develop new ways to infiltrate businesses. Old technology is more vulnerable to hacks, security breaches and leaks, as outdated software can’t successfully hold up against an attack.

By upgrading your equipment, you develop stronger cybersecurity that’s more equipped to fend off hackers. Plus, cybersecurity measures are always evolving to keep up with new cybercrimes. Following the most cutting-edge security practices can strengthen your safety online.

 

3. Save Costs and Grow

Many companies are wary of investing in new equipment for fear of high costs and risking their competitive edge. Fortunately, with technology tax deductions like Section 179, businesses can more confidently invest in technology and allow their company to flourish.

The Section 179 tax deduction allows businesses to deduct the full purchase price of qualifying equipment or software bought, financed or leased during the tax year from their gross income. There’s no more waiting to write off for depreciation. As long as the qualifying equipment was bought and used from January 1st to December 31st of the tax year and used over 50% of the time for business purposes, businesses can write it off.

Here’s what equipment qualifies:

  • Workstations, laptops, tablets or smartphones
  • Servers, printers, routers and network security appliances
  • Off-the-shelf software

 

Invest in Yourself

The time to invest in new technology for your business is now. Luckily, thanks to technology tax deductions, your business can reduce expenses while taking advantage of the latest and greatest in hardware and software.

You can contact our IT experts to ensure you don’t miss out on savings and leverage the best equipment out there.

If you want to learn more about cost-saving IT resources and strategies, check out additional blogs in our resources section.

 

The information provided in this blog is for educational purposes only. Consult your tax professional for information on how Section 179 may relate to your business.

 

 


Cyber Awareness Month 2022

Cybersecurity Awareness Month 2022—Common Phishing Attacks Your Business Could Face

Did you know that cybercriminals are getting more sophisticated each day with the attacks that they perform? How do you strive to improve your cybersecurity and bring awareness to your staff? Cybersecurity Awareness Month 2022 helps to promote vital cybersecurity information throughout the month of October. Companies can utilize this information to help clients, leadership and even staff to learn more about cybercriminals and the threats that they can cause.

Besides focusing on behaviors that are important for your business to follow—like common practices and tips to keep you safe online—you can also familiarize yourself with common cyberattacks that your business might face.

The 6 Most Common Phishing Attacks

Many individuals worldwide continue to fall for phishing attacks because cyberthreats are really improving at disguising these clever attacks. In fact, it was reported that over 90% of data breaches occur on account of phishing attacks. All attacks start the same: a cybercriminal attempts to get the end-user to share sensitive data or click on suspicious links. Once the victim clicks on or downloads the attachment, the cyberthreat can then install malicious software on your computer.

Here are some of the most common types of phishing scams that you and your employees should be on the lookout for:

  • Spoofing: When criminals disguise themselves as a trusted source to gain a victim’s confidence to get access to sensitive information.
  • Spear Phishing: A method that targets specific individuals or groups within an organization to get a victim to divulge important information.
  • Whaling: Also known as CEO fraud, this type of attack impersonates a CEO and is designed to encourage an employee to perform a secondary act. These acts can include transferring money, buying gift cards and so forth.
  • Vishing: A cybercrime that occurs when criminals trick people into giving confidential information through deceptive phone calls.
  • Smishing: When criminals utilize SMS to send a compelling text to trick targeted recipients into clicking suspicious links.
  • Malvertising: An attack in which perpetrators embed codes into online advertising that redirects victims to malicious websites.

To avoid falling for a phishing attack, look for signs that might seem off. Avoid giving sensitive information over the phone and be leery of requests that don’t seem right. When viewing emails—typically—a generic greeting that doesn’t use your name or a URL that doesn’t start with “http” can be a sign not to click. When in doubt, if it looks suspicious or seems off, don’t click.

What We Can Do to Help

Data breaches can be damaging enough, and who knows where your personal or client information could end up. Successfully defending your business against cyberattacks is something to think about when your business is at risk. As Cybersecurity Awareness Month 2022 is in full swing, help learn how to better prepare your staff to get the awareness you need.

When you’re looking for a partner to help fight against cyberattacks and bring more cybersecurity awareness and training to your staff — contact us. At Sentry IT, we are well-versed in innovative techniques that can help prepare for the unexpected.

If you want to learn more about cybersecurity awareness, check out additional blogs in our resources section.


Improving Your Cyber Readiness: Is Your Business Prepared?

Cyber readiness is the ability for businesses to identify, prevent, and respond to cyberthreats in a timely manner. Most businesses know they should have cyber readiness, but they might not know the proper steps that need to be taken to achieve this. As a result, businesses deal with serious damages following a cyberattack that can affect both their finances and reputation.

To ensure that your business is prepared and protected in the face of a cyberattack, we’ve put together a checklist with seven tips to get you started.

Seven Tips to Ensure Cyber Readiness

  • Have you done your due diligence and performed risk evaluations of your current cybersecurity? Running tests can help find vulnerabilities and risk evaluations in your systems that you can address prior to a cyberattack.
  • Has your staff undergone any cyber awareness training? Making sure your staff is trained with the proper tools and content can help avoid risks.
  • Have you created an inventory of your software and hardware assets? Further, do you have a patch management process in place to automate updates of these assets? Having an inventory of hardware and software assets will let you know what’s at risk in your network. Moreover, it can help you know where updates and patches need to take place.
  • Do you use multi-factor authentication (MFA) for access to sensitive networks or systems? Multi-factor authentication is a core security feature to establish as part of your cyber readiness. Do your employees work from home, or can they access sensitive data outside of the office? You’re going to want to enable a strong MFA to help streamline access to sensitive data across all apps and channels.
  • Have you created an incident response plan explaining the steps to be taken in the event of a cyberattack? A well-written cyber incident response plan will ensure you’re prepared to handle the repercussions of an attack. This plan should be comprehensive and updated regularly, noting the key players and communication tier if something were to go amiss.
  • Have you reviewed the cyber readiness of your third-party vendors? Do they have security and privacy policies in place that meet industry standards? You know that you are protected, but do the third-party vendors that you contract with offer the same protection in return?
  • Have you followed the NIST protocol? The National Institute of Standards and Technology (NIST) has created a framework for your business to follow to ensure you have the utmost cyber security. Following the NIST checklist will set you up with the best cyber readiness practices and procedures.

To Conclude

The world of cybersecurity is ever-changing...is your business prepared? AllTech IT Solutions can help set your company up for success by performing a cyber readiness assessment. Let us help you make sense of what you need to be cyber ready.

Looking to learn more about cyber readiness? Check out more of our blogs in our resources section.


cybersecurity insurance

Is Cybersecurity Insurance Necessary for Your Business?

In the digital age, you need all the protection you can get from cyberattacks. For additional coverage against cyberthreats, cybersecurity insurance may be right for you. Cybersecurity insurance is a form of insurance used to help provide additional coverage to your business from cyberattacks, such as data breaches or ransomware attacks. Having a strong security posture is your first step in protection. But in the event that your business is subject to an attack, it’s good to know that there are additional options out there like cybersecurity insurance that provide an extra lifeline to keep your business afloat.

If having that extra layer of protection piques your interest, let’s get more in-depth with what cybersecurity insurance is and how it can provide a benefit to your organization’s protection.

 

What Can Cybersecurity Insurance Cover?

If you are faced with a cyberattack, most insurance policies will cover first-party and third-party financial and reputational costs. Here is the difference between each type of coverage:

  • First-Party: First-party costs can include recovering lost data in a security breach, loss of income due to business downtime, extortion payments, restoration of network systems and other financial risks related to a cyberattack that impacted your business.
  • Third-Party: These costs typically result from claims submitted against your business and can include damages, settlements and the legal costs associated with the impact of the breach.

 

Do You Need Cybersecurity Insurance?

Typically, it is beneficial for businesses who use, send or store data electronically to consider obtaining some form of cybersecurity insurance coverage. All types of private data can be vulnerable to a cyberattack, so cybersecurity insurance can help mitigate the risks of an attack by providing financial coverage for certain events related to a breach.

 

What Are Some Common Cybercrimes That Can Affect Your Business?

No business is immune to a cyberattack, and it can happen when you least expect it. There are many types of criminal activities that can happen online, but for the sake of this topic, let’s take a deeper look into some of the most common cybercrimes that can affect your business:

  • Malware: A cybercriminal can use a malicious software program to install itself into your computer system. This typically is a result of a phishing scam that is aimed at exploiting software vulnerabilities in your system. Once installed, the cybercriminal can spy on things you do online as well as steal sensitive data.
  • Ransomware: This form of malware involves encrypting your data to demand a ransom payment in exchange for your data back. Having a strong data recovery plan in place is an imperative precaution to have as well as maintaining a backup of your data.
  • Hacking: The general reasoning behind hacking is to obtain access to important information. This can be accomplished by taking control of a computer system or certain systems functions within.

 

In Conclusion

We hope you’ve learned more about what cybersecurity insurance is and how it might help protect you against cyberattacks. But here’s a question for you: Are you sure your business has a strong enough security posture in place to thwart an attack? At Sentry IT Solutions, our experts can help identify and address vulnerabilities in your system. Talk to a specialist today to learn more about how we can improve your cybersecurity solutions.

If you’re looking to learn even more about all things cybersecurity or how you can improve your protection, check out more of our blogs in our resources section.

 


disaster recovery

3 Reasons Why You Need a Disaster Recovery Plan

If a disaster were to occur tomorrow, would your business be able to recover? If you don’t have a disaster recovery plan, you may not have an option. According to the latest MSP threat guide by ConnectWise, two out of three SMBs have suffered a ransomware attack in the last 18 months. With a reliable disaster recovery plan, your business is prepared for anything, including cyberattacks.

We all know how important data is to modern businesses. It’s the lifeblood of every organization. That’s why you should know about the potential scenarios that could seriously impact your data – and your business. Here are three of the most common disasters that impact organizations.

Potential Disasters That Can Impact Your Business

1. Natural Disasters
According to the National Oceanic and Atmospheric Administration, the U.S. experienced 20 natural disasters, such as floods, hurricanes, and tornadoes in 2021 costing over $145 billion. These storms can ruin your office in seconds, taking away all your vital equipment, including hard drives and onsite servers.

There’s only so much you can do to prep for a natural disaster. If a hurricane or tornado comes through your area, your options are limited. With that said, a data backup and recovery plan can at least ensure that your data is secure and accessible in the event of a natural disaster. An IT expert can migrate, replicate and store your data at an offsite location – ensuring you always have a backup plan.

2. Cyberattacks
Second on this list is the cyberattack. We mentioned in our introduction the threat that ransomware can have on your business. Unfortunately, that is just one example of a cyberthreat. Every 39 seconds, someone is being impacted by a cyberattack and only 40% of businesses can get back running after one. These attacks are occurring at an alarming rate and can get costly extremely fast. IBM found that the average cost of a data breach in 2021 was over $4.2 million.

There are many things you can do to keep your business safe from cyberattacks. For starters, make sure your business is equipped with the best cybersecurity in order to keep your network safe. It’s also important that you and your team are aware of the signs of a cyberattack and what to watch out for when it comes to emails or unknown attachments. An IT partner can evaluate your entire infrastructure, identify vulnerabilities and address them for you. Whether it’s firewalls, 24/7 monitoring, threat detection or SOC as a service, there’s many cybersecurity services and best practices to implement to keep your business safe from cyberattacks.

3. Power Outages
The third disaster that can impact your business is a power outage. It’s a no-brainer that we need electricity for our businesses to run. So, if your business experiences a power outage, what happens? The answer is downtime – something we all want to avoid. According to Gartner, the average cost of IT downtime is $5,600 a minute. So, imagine having a power outage for a few hours or days – the cost can easily climb into the six-figure range quickly.

Power outages are more costly than just the time offline. Without the proper steps in place, a power outage can lead to lost data. One of the main benefits of a cloud backup and recovery plan is that it keeps your data in a centralized location that can be accessed from anywhere. Whether it’s power outages, hybrid work or any other scenario, your data is always within reach when it’s secure in a cloud environment.

Conclusion

Do you know what these three disasters have in common? They’re unpredictable and costly. And while we can’t always predict when the next disaster may occur, what everyone can do is create a disaster recovery plan to stay prepared.

A disaster recovery plan can help your business stay running and keep your data safe and secure. Whether it’s a storm or a cyberattack, a good plan can make sure your business doesn’t fall to a disaster. At Sentry IT Solutions, we’re here to help you create a backup plan to ensure your success.

If you’re looking for more cyber tips, please feel free to check out more of our blogs.

 


disaster recovery

How to Create a Disaster Recovery Plan

Your data is the most important asset your organization has. But no matter how hard you try to protect it, disasters happen. If you’re not prepared to handle these situations, you could lose more than your data – you could lose your entire business. In fact, around half of businesses never reopen after a cyberattack, so having a disaster recovery plan is critical.

The reality is disasters can be unpredictable. From natural disasters to cyberattacks, no one can predict when their business will experience an incident. That’s why it’s so important that you have a disaster recovery plan in place for the unknown. Here are five things to consider when creating an effective disaster recovery plan.

5 Things to Consider When Building Your Disaster Recovery Plan

1. Get Prepared

A great first step to a data recovery plan is to identify the assets your business uses, such as hardware and network configurations, and determine how each one is crucial to the way your business functions. If you find old files or computers that no one uses anymore, it’s time to safely move on from these things. After you create an asset breakdown list, the next step is to consider who should orchestrate your disaster recovery plan. It’s a good idea to outsource this plan to a trusted expert.

2. Focus on Prevention

In order to develop a great disaster recovery strategy, you first need to do your best to protect your infrastructure. Start with basic security tools that help protect your business, such as VPNs and firewalls. Then institute processes that strengthen security like password managers, software patching and access control to limit who can view your sensitive data. Lastly, implement cybersecurity policies and offer education training to ensure everyone is on the same page.

3. Identify the Primary Threats

Although you can’t predict every disaster, you can identify your most significant threats and develop a plan around any potential issue you could experience with this threat. After you identify the primary risks, ask yourself the following questions:

  • What would the consequences be if this threat was impacted?
  • Would it affect my company financially?
  • Would there be legal consequences?
  • Would it impact my reputation?

Once you identify the potential threats and the possible fallout; you will be able to know what’s at stake and the priority level of each threat.

4. Create a Communications Strategy

Every member of your organization has a role to play during a time of crisis. A communications strategy helps assign specific people in different departments these responsibilities. For example, who on your team will communicate actionable items to key stakeholders? Who will coordinate the recovery plan on the ground level? The last thing your team needs during a data breach or power outage is to wonder who oversees what, so you need to layout clear expectations and roles well before anything goes wrong.

5. Test Your Disaster Recovery Plan & Review the Results

After your communications strategy, there are several other action items you will need to create in your response plan. But once your disaster recovery plan is put together, it’s time to put it to the test. If you work with an IT company, we recommend having an expert in simulations test your system. This can be a great way to see how your employees would react in alternate situations. Testing your plan will show you its functionality and reveal any gaps you have. If any gaps are discovered, go back and revise any flaws to make sure your plan is strong and secure.

When you put a solid disaster recovery plan in place, you can rest knowing that your business is protected and will stay open in the event of a disaster. The best plan will ensure that your data stays protected, no matter what happens. Your business data is important, so make sure you’re doing all you can to keep it guarded.

Developing a disaster recovery plan can be extremely difficult and take time away from your priorities. Let us handle your IT needs so you can focus on what matters – your business growth. At Sentry in Orlando, our experts are ready to help you develop a plan to keep your business data safe and backed up.

If you want to know more about data backup and other cyber tips, contact our team!

 

Sign up for our newsletter!


cyberattacks orlando

Cyberattack Target Alert: 6 Industries at Risk of an Attack

There is no industry safe from cyberattacks; in fact, anyone can be a cyberattack target. In the past year, the world has seen many types of cyberattacks. Just in 2021, we saw the largest pipeline in the U.S. and one of the biggest car manufacturers in the world impacted by a major cyberattack. Your small business is also a big target for hackers, Accenture reported 43% of cybercriminals go after SMBs.

These attacks are definitely not cheap. According to IBM, ransomware was the most popular attack of 2021 with an average cost of $4.6 million. With these big attacks comes a hefty amount of money your business can lose. The FBI found that business email compromise victims lost over $1.8 billion last year.

Where Does Your Industry Rank?

Any business that has sensitive information is a common target of hackers. Each industry has unique cyberattacks deployed by cybercriminals. Here are the six main industries that are the most targeted by cybercriminals.

1. Manufacturing

Taking the first-place spot, the manufacturing industry accounted for 23% of cyberattacks globally in the last year. Ransomware was the most common cyberattack the manufacturing industry experienced. Other common cyberattacks in this industry included server access attacks, business email compromise and data theft. In a survey by Deloitte, 38% of manufacturers surveyed had losses between $1 and $10 million.

2. Finance & Insurance

The finance and insurance industry accounted for 22% of all global cyberattacks. Of the businesses impacted, 70% were banks, 16% were insurance organizations, and 14% were other miscellaneous financial organizations. IBM reported the average total cost of a data breach in this industry was $5.72 million in 2021.

3. Business Services

Business services such as office administration, human resources, security services and more accounted for about 13% of attacks. Of the businesses attacked, 76% were professional service firms, 29% were IT-focused service providers and 24% were other business firms.

4. Energy

Energy makes up 8% of the cyberattacks seen in 2021. The most common attack against this industry was ransomware, followed by distributed denial of service, business email compromises, and more. Distributed denial of service occurs when a hacker floods a network with traffic, leading it to crash. In 2020, the energy industry had an average data breach cost of $6.39 million.

5. Retail & Wholesale

The retail and wholesale industry accounted for 7% of cyberattacks in 2021, with an average data breach cost of $3.37 million. Of these businesses, 65% were wholesale while 35% were retail. Top attacks seen in this sector included business email compromise, server access, data theft and credential harvesting.

6. Healthcare

The last industry impacted by cyberattacks is the healthcare sector at 5%. Of the attacks seen, 38% were ransomware — which is a higher percentage compared to other industries. According to Cybersecurity Ventures, the healthcare industry is expected to spend $125 billion on cybersecurity by 2025.

Overall, no matter what industry you’re in, your business can be a target of hackers. It’s important that you have a cybersecurity plan in place in order to protect your assets and defend yourself against any potential cyberattacks. If you’re looking to improve your current cybersecurity, consider partnering with an MSP.

Sentry Tech Solutions in Orlando is here to help keep your business protected with top-line cybersecurity. Don’t hesitate to reach out if you have any questions related to cybersecurity.

 

Sign up for our newsletter!