As a business, cyber threats are no longer a minor concern that you can ignore. With the growing reliance on technology for business operations, our vulnerability to new digital risks has become recurring and common.
Amongst other prevalent threats, ransomware attacks have emerged as a particularly disruptive problem. What is a ransomware attack? These attacks involve a cybercriminal taking illegal possession of a company’s business data, encrypting it and then asking for payment (or ransom) to restore or return it.
Not only do these attacks put businesses under financial strain but they also interrupt their daily operations. In addition, you run the risk of exposure of confidential and sensitive information, which can jeopardise your relationship, credibility and trust with both your customers and other stakeholders.
One of the most infamous UK ransomware attacks was the Note Petya attack in 2017. Targeting various industries, including shipping and logistics giant Maersk, the attack resulted in widespread chaos, financial losses, and significant disruptions. The takeaway here is that regardless of the size of your industry, you are not safe from ransomware.
To further help you understand the gravity of the situation, we have listed five industries that need to be on high alert and prioritise ransomware attack protection for better digital fortification.
Let’s check them out!
It comes as no surprise that healthcare organisations stand out as primary targets for ransomware attacks. The immense value associated with medical records, patient data, and critical life-saving systems makes them attractive targets for cybercriminals. Unfortunately, the healthcare industry’s reliance on outdated hardware further increases its vulnerability, providing an entry point for cybercriminals.
Ransomware attacks in healthcare can be incredibly disruptive. Not only is important information at risk, but these attacks can also lead to serious problems in providing medical services. To deal with these threats, healthcare organisations are now partnering with managed service providers like Redpalm.
These service providers equip healthcare organisations with ransomware attack protection plans and strategies that keep cyber threats like these at bay and minimise the opportunity for an attack.
2. Banking and Finance
Following closely behind healthcare, the financial services sector is another target for ransomware attacks. Banks and financial institutions, similar to healthcare organisations, have access to extensive sensitive customer data and financial information.
Additionally, these businesses manage and safeguard not only their own information but also that of their clients, increasing their appeal to cyber criminals. This dual avenue for value puts a sizable target on the industry’s back, attracting cyber criminals seeking to exploit this wealth of valuable information.
As a result, strengthening cybersecurity measures, including robust ransomware attack protection, becomes important for financial institutions. These measures ensure data integrity, protect clients, and uphold industry regulations.
3. Manufacturing and Energy
Manufacturing takes a prominent spot on the list of ransomware targets, and the reasons are compelling. This industry is heavily dependent on interconnected systems and Internet of Things (IoT) devices, which creates opportunities for hackers searching for vulnerabilities.
The ripple effects of these attacks can extend beyond financial losses. It not only affects critical infrastructure but also poses a threat to national security. These organisations should recognise that their interconnected systems make them susceptible to malicious online activity. To shield themselves from threats, manufacturers must implement robust cybersecurity measures that include ransomware attack protection strategies.
If you’re concerned your business may be at risk, give us a call and we can discuss measures that’ll avert a ransomware attack or threat to your organisation.
The education industry stands out as another obvious target for ransomware attacks. Institutions such as University College London, the University of Calgary, and Los Angeles Valley College falling victim to ransomware, should be enough to make us realise the seriousness of the situation.
Students often lack awareness of ransomware attack methods, making them easy targets. They can be targeted through malicious files, attachments, or potentially harmful websites.
The interconnected nature of university campuses, coupled with the configuration of their networks, provides ample points of entry for malware infiltration. Unfortunately, education facilities often face budget constraints related to their IT systems, resulting in security gaps and creating opportunities for hackers.
The retail industry finds itself squarely in the sights of ransomware attackers, and the reasons are multi-faceted. Retailers handle massive amounts of customer data. Additionally, they rely heavily on interconnected digital systems for transactions, inventory management, and supply chain operations. This makes them attractive targets for cybercriminals aiming to exploit vulnerabilities in these complex networks.
Ransomware attacks on retail can have severe consequences. Besides the financial repercussions, such attacks can disrupt in-store and online operations. Even more crucially, it can severely affect customer’s trust and damage the reputation of the brand in the long run.
Contact Redpalm for Robust Cybersecurity Protection
In reality, no industry dealing with sensitive business data and relying on technology for their operations is safe from ransomware attacks. To help protect your business against cyber threats you need a comprehensive cybersecurity plan.
If your organisation lacks internal resources to implement and maintain a comprehensive cybersecurity plan, consider seeking assistance from professional cybersecurity services.
At Redpalm, we provide cybersecurity security services to businesses from different industries. We can help keep your business data safe and compliant with industry regulations.