404/67 Thursday, November 14, 2024
Renowned credit rating agency Moody’s has released a recent report indicating that the telecommunications, airline, and power generation industries are currently facing high cyber risks. The report highlights that these industries’ heavy reliance on digital technology, combined with insufficient security practices, increases their vulnerability to cyberattacks. This heightened risk is attributed to the expansion of digital systems, which has created more attack vectors. The telecommunications sector is identified as the most at-risk, with a surge in successful attacks. Notably, Chinese hacker group Salt Typhoon reportedly targeted the networks of at least three companies, including AT&T, Verizon, and Lumen, exacerbating the risk. AT&T further disclosed that customer data had been accessed for six months. Additionally, T-Mobile was fined $31.5 million by the FCC due to multiple data breaches, with half of the fine mandated to improve customer data security.
The airline industry also experienced significant disruptions in July following a botched update from CrowdStrike, which caused severe computer system outages, resulting in numerous flight cancellations and delays. This incident underscores the airlines’ over-reliance on software, which can have widespread consequences if errors occur.
While certain utilities are already considered high-risk, power generation facilities have been added to the list due to the increased integration of digital systems. According to the report, additional high-risk sectors include electricity and gas distribution, water supply, wastewater treatment, and hospitals. These industries have complex interconnections, making their systems more susceptible to hacker intrusions.
Source https://cyberscoop.com/moodys-rating-high-risk-telecom-aviation-power/
