What are the Top Industries At Risk from Ransomware in 2024?
Check this week's executive insight from Shiv Singh, CISSP , CEO of LINEARSTACK .
While tracking global cyber attacks in 2024, every section faces an onslaught of ransomware, email phishing, and credential harvesting attacks.
Ransomware continues to make the most headlines with attacks, including:
Specifically, for the rest of 2024, healthcare, manufacturing, and financial services will continue to be the top targets for ransomware.
Consequences of Ransomware Incidents For Manufacturing Sector.
“In February 2023, Applied Materials, an American corporation, suffered a $250 million ransomware attack on a supplier. Supply chain security risks are increasing because of weak organization security strategies.”
Sophos researchers found that many manufacturers were hit by ransomware attacks in the year before the survey. “In early 2023, Dole and other significant corporations were targeted, affecting Dole's systems in North America, as shared in an email from a Texas-based retail partner on Facebook.”
Vulnerabilities in the Financial Services Sector.
The financial services sector, like healthcare organizations, stores large amounts of sensitive customer data and financial information in banks and financial institutions.
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Data protection in the insurance and financial sectors emphasizes the adoption of cybersecurity best practices in compliance with industry standards. As a result, hackers must devise complex methods to breach a bank's security system.
From 2018 to 2023, the financial and insurance industries faced a higher number of external threats compared to internal threats. However, there was a steady increase in insider threats while external threats decreased.
Financial services and healthcare handle their sensitive and client data, making them targets for malicious actors.
Challenges Faced By Healthcare Organizations In Preventing Cyber Threats.
In 2023, healthcare organizations faced a significant increase in data breaches compared to previous years. Hackers are often driven by financial incentives when targeting healthcare institutions.
?Stolen medical records are worth $60.00 on the dark web compared to Social Security Numbers, which is only worth $.015. Hackers also harvest valuable information within the electronic medical record, including information regarding the consumption of medication prescriptions.
Ultimately, Everyone is a Target for Ransomware.
Ransomware has been around for a while and will continue to be a threat in the future. It is expected to evolve in various ways.?
The emergence of generative AI is a concern as it could enhance phishing campaigns and ransomware attacks. Using generative AI in 2024 could lead to more advanced forms of exploitation.
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Absolutely, these sectors are key to our infrastructure! ?? Aristotle once suggested - excellence is a habit, not an act. Embracing robust cybersecurity is crucial. ??? #StaySafe #CyberSmart