Whilst a cyber attack, such as a ransomware attack, could happen to any organisation, regardless of the size, location or type of business, there are some industries that are more likely to be targeted than others. Here are the three most targeted industries according to a recent NordLocker report, and why they’re so attractive to hackers.
1. Construction
Between January 2022 and 2023, this sector saw the most ransomware attacks (142). This is largely because, in general, cybersecurity within this sector has lagged behind others despite the increased use of AI, robotics and other digital technologies such as the internet of things (IoT). This combination now makes it an easier target. It is also a lucrative target, amplified by the amount of confidential and proprietary information digitally stored and shared across projects and their long IT chains. And they are the industry sector most likely to pay a ransom.
2. Banks and financial institutions
It’s quite clear why these types of organisations would be attractive to potential hackers. Not only do they control high volumes of money and investments, but they also store the personal data of billions of people. Let’s face it, most people will likely have a bank account or some way of managing their funds. In the year from January 2022, the financial services sector had the second highest number of attacks (123 in total).
3. Manufacturing
This sector experienced 121 cases of ransomware in the year between January 2022 and 2023. Digital systems that have helped create efficiencies within this sector – such as IoT, shop floor controllers, monitoring systems – have also created new opportunities for cyber criminals to access via vulnerabilities. And because companies in this sector are crucial parts of global supply chains, the disruption an attack could cause would be massive, putting pressure on companies to pay any ransom that is demanded.
Other industries that are vulnerable
In addition to these three industries, there are several others that are seen as key targets for hackers. For example, the technology sector, largely due to the amount of data it collects and stores. They are also one of the industries most likely to pay a ransom. And the public sector has increasingly become a target for ransomware attacks as a result of the amount of highly confidential and sensitive personal identifiable information they hold. This data is particularly valuable to re-sell on the black market. Health data is an example, and hospitals and other care providers have seen an increase in attacks in recent years. In 2021, ransomware attacks cost the US healthcare sector an estimated $7.8 billion in downtime alone.
Regardless of the industry you work in, cyber attacks can be costly – both financially and reputationally – so it’s crucial that you have systems and processes in place to protect your business.