Ransomware Target Industries
According to research, half of the ransomware attacks target retail, utilities, and banking industries. But cybersecurity experts warn that all industries are at risk.
Ransomware criminals target the manufacturing industry to steal valuable data and disrupt operations.
The manufacturing sector has become a popular target for ransomware criminals because the costs of shutting down a production line can be high. A recent study from reputable agencies estimated the cost of a shutdown at $22,000 per hour. Moreover, the lost production time means significant downtime, contract payouts, and dents to the company’s stock price. Manufacturers should stop ransomware website or malicious websites through the conduct of a thorough risk assessment of their systems. They should hire a professional cybersecurity company to help plug any system vulnerabilities. Additionally, they should train their employees to recognize social engineering and phishing scams.
The utility industry is among the top sectors targeted by ransomware criminals, as the threat is growing daily. Public utilities are particularly susceptible to this type of attack because of their interdependence between their physical and cyberinfrastructure. Additionally, the lack of a robust data backup solution makes these organizations vulnerable to massive attacks. But with the right strategy, utilities can protect themselves from ransomware attacks. Ransomware attacks are more common than other forms of hacking. EEI says the average ransom paid is about $110,000, although it is likely to be much less if the company doesn’t have an insurance company.
According to a recent study, nearly two-thirds of retail companies worldwide were attacked with ransomware in 2017. In more than half of these attacks, the attackers successfully encrypt files.
While most of the organizations that were attacked paid the ransom, many could not recover their data. Fortunately, the majority of retail organizations recovered their data using multiple methods. Almost all of these organizations used backups. And although a third of these businesses paid the ransom, they could recover their data through other means.
Ransomware criminals also target businesses best value color copies provide essential services. For example, a ransomware attack on a utility company can cause massive disruptions.
Ransomware criminals target financial institutions in the hopes of extorting money. They can alter data to appear exactly like the original, causing financial institutions millions of dollars in damages. As a result, banks need to implement high-security standards to protect themselves from cyber-attacks.
As of Q4 2021, the financial industry saw 703 attempts per week, a 53% increase over the previous year. That makes it the most common industry targeted by cybercriminals. Attacks are estimated to occur once every ten seconds worldwide. The survey also found that 74% of respondents had experienced a ransomware attack in the past year, and 63% of those victims paid the ransom. These attacks use malicious software called remote access trojans to access the affected organization’s computer system and extract information.
Ransomware criminals have hit financial institutions daily, with banks being targeted almost daily. Fortunately, these attacks are highly targeted, and the likelihood of a major bank going offline is remote, but it is important to remain vigilant about cyber attacks in the industry.
VISIT FOR MORE ARTICLE : greehum.com