In recent years, ransomware has emerged as a powerful weapon of choice for cybercriminals seeking to monetize companies’ sensitive data. A wide range of businesses, from financial institutions and utilities to educational institutions, have been hit by ransomware attacks regardless of their size or location.
When it comes to safeguarding your business against potential ransomware attacks, it is essential to be aware of the indicators and triggers that the attackers consider when selecting their next prey. Such factors may consist of the data’s worth, the company’s geographic location, or its employment of remote staff.
Which Sectors Are Most Likely Targets for Ransomware?
Many industries that are popular targets for ransomware attackers tend to possess vast amounts of sensitive data that companies may consider necessary to keep confidential, making them more susceptible to paying the ransom. Below are some of the most frequently targeted sectors.
Manufacturing
Manufacturing businesses are among the preferred ransomware targets and are more likely than other industries to have their stolen data exposed online.
In 2020 alone, 45 manufacturing companies’ private business information was posted online, according to Palo Alto Networks’ Unit 42. Additionally, IBM stated that in 2021, more manufacturing-related cyberattacks were stopped than in any other industry.
There is a bright side for industrial companies. However, Sophos’s survey of the industry in 2021 revealed that 36% of the respondents had experienced ransomware attacks, with almost half of those having their data encrypted.
According to the same survey, only 19% of the affected businesses paid the ransom. As it is rarely successful in decrypting stolen files, this may be related to the manufacturing sector’s increased readiness to recover data from backups.
Government
Government institutions are frequently targeted by criminals looking to undermine the vital infrastructure required to keep society functioning. Additionally, ransomware users frequently have access to some of the most private data that government organizations keep.
Resources and time are frequently limited for local government entities such as city and county administrations. Because of this, it is difficult to implement strong cybersecurity measures, forcing organizations to rely on outdated technology.
As a result, ransomware attacks frequently target these entities in particular. These attacks require less effort on the part of the attackers and can result in the theft of highly personal information like social security numbers and property deeds.
Energy and Utilities
Utilities are a popular target for both cybercriminals looking to make money and attackers looking to damage infrastructure. According to a report issued in 2022 by the cybersecurity company CyberSaint, 43% of energy, oil, and utility companies that experienced ransomware attacks chose to pay the demanded ransom.
Energy and utility companies are under more pressure to resolve the issue quickly than other ransomware targets because they provide essential infrastructure, which occasionally requires paying the ransom. The recent instance that stands out the most is Colonial Pipeline.
Education
Like local government organizations, education institutions are vulnerable to ransomware because they frequently lack the necessary resources to implement effective anti-ransomware measures. Additionally, they have access to private data from faculty and students, making them a desirable target for attackers.
Education has become a popular target for ransomware attackers in recent years. In 2021, US institutions reported 88 ransomware incidents, disrupting daily operations at more than 1,000 schools across the nation, according to research done by antimalware vendor Emsisoft in 2022. In half of these instances, both students’ and teachers’ personal information was exposed online.
It is impossible to estimate the precise financial impact of these attacks overall. However, the costs are probably high, just like in any other sector that was hit by ransomware.
Higher education institutions spent $1.42 million on ransomware in 2021, while lower education institutions spent $1.58 million on it, according to a report by Sophos on the state of ransomware in education.
Banking and Financial Services
It is clear why companies that provide banking and financial services are being targeted. These businesses not only have the resources to pay large ransoms but also have access to highly confidential client information and assets.
Additionally, the banking and financial services sector is extremely vulnerable to cyberattacks, with ransomware attackers concentrating their efforts on businesses in this industry.
Microsoft 365
You might have heard of many Microsoft 365 ransomware attacks, but even if you don’t, this has become a popular target for ransomware attacks. Cybercriminals seek to exploit vulnerabilities in the software to gain access to sensitive data and demand ransom payments.
With more companies moving to cloud-based solutions such as Microsoft 365, the threat of ransomware attacks has increased, making it essential to implement robust security measures.
How to Avoid Ransomware Attacks
Cybercriminals are organized, and the patterns of their motivation for ransomware attacks are predictable. You can gauge the level of risk your company may experience by understanding these motivations.
No matter how vulnerable you are to ransomware, prevention is essential. However, let’s say your company belongs to one of these categories. In that case, you should consider implementing more thorough anti-ransomware measures.
Maintain immutable data backups: One of the best ways to protect against ransomware is to create immutable backups of your data. Recovering and restoring stolen data can reduce the power of ransomware attackers, even though decryption is not always reliable.
Implement network security solutions: The fundamental security defenses that can block suspicious traffic and stop ransomware attacks include IDPS (Intrusion Detection and Prevention Systems), next-generation firewalls (NGFW), email gateways, and SIEM and EDR systems.
Explore deception technology and data encryption: Data encryption can stop sensitive information from being leaked, while deception technology can provide early warning of ransomware or other cyberattacks. Even when data is being used, encryption can still be used.
Prioritize personal vigilance and awareness training: Even with these security measures in place, avoiding malware attacks still requires personal attention. Offering thorough employee awareness training can be a cheap yet efficient ransomware defense.
The Bottom Line
One of the most dangerous threats that businesses today face is ransomware. However, companies can better prepare for an attack by knowing the factors that ransomware attackers consider when choosing their targets.
There are many ways to protect yourself from ransomware, but none is foolproof, and clever hackers continue to threaten even effective defenses.
Nevertheless, awareness of what these attackers may be looking for can help businesses avoid ransomware and safeguard their and their client’s data.
