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Posts Tagged ‘financial security’


Which Industries Are Most Likely to be Targeted with Cyber Security Threats?

Monday, May 21st, 2018

To understand why some industries are targeted in cyber attacks more often than others, it’s important to understand what drives hackers and what makes a target appealing. Of the two, hackers are easier to understand:

According to a Verizon data security report, roughly 70 percent of attacks are financially motivated, and around a quarter of attacks are for espionage purposes. The rest tend to fall under the categories of personal grudges, ideological attacks, and “just for fun.”

A prime target for an attack will have some of, if not all of, the following qualities:

  • Works with important, confidential data
  • Possesses valuable information (not just financially)
  • Service disruptions require urgent action to restore access or information security
  • Target has substantial financial assets
  • Target has the financial means to pay a ransom

Businesses in the following industries often find themselves on the receiving end of a security attack because they are considered high-value targets.

1. Finance

As the financial industry works with money, it should come as no surprise that it is the most popular target for hackers. This industry is the target in 24 percent of all attacks, which are almost exclusively financially motivated. These attacks often try to compromise credentials so hackers can steal money through a second-step. Businesses in the finance space should make IT security a priority because attacks are less a matter of if and more a matter of when.

2. Healthcare

Hackers often look to exploit the urgency in the healthcare industry for a financial payout: This industry receives 15 percent of all attacks. In particular, ransomware accounts for 72 percent of all malware attacks on hospitals. The healthcare industry is singled out because disruptions to data access could put patient lives at risk, and hackers could be looking to exploit legal penalties for underprepared businesses losing data.

3. Public Sector

The public sector is a popular target because of the information it stores: Around 12 percent of all attacks are on this industry. Financial motivation only accounts for 20 percent of attacks on the public administration segment of the industry; instead, espionage is the motive in 64 percent of cases. Hackers are often trying to steal confidential information from government operations, but they still may try to go after schools with ransomware to earn a quick payout. Criminals may also target public sector operations because they believe the organization is under-resourced in IT security.

4. Retail and Accommodations

When combined, the retail and accommodations industries comprise another 15 percent of cyber attacks. In particular, 96 percent of retail attacks are financially motivated. These attacks often target payment and personal information that can be used to either directly steal money or play a role in identity theft.

5. Everyone Else

Just because your business isn’t in the four largest targeted industries, you shouldn’t fall victim to a false sense of security. Other businesses still account for 34 percent of attacks. In fact, overconfidence in existing security practices can make the difference between a failed or successful breach.

The IT experts at MPA Networks can help your Bay-Area business secure its internet-facing operations to help keep your information safe. Whether you’re in finance, healthcare, or another industry, MPA’s experience can improve your defenses. Contact us today to learn more.