The 5 Industries Most Targeted by Cybercrime
Cybercrime has become one of the most significant threats to global businesses, with hackers and cybercriminals increasingly targeting industries where sensitive data, critical infrastructure, and valuable financial information are stored. As the world becomes more digitally interconnected, cybercriminals are becoming more sophisticated, exploiting vulnerabilities and weaknesses in organizations’ cybersecurity defenses.
While all industries face cyber threats, certain sectors are disproportionately targeted due to the value of the data they handle, their reliance on digital infrastructure, and the potential for disruption. In this article, we explore the five industries most frequently targeted by cybercrime and the reasons behind their heightened vulnerability.
1. Healthcare Industry
Why Is Healthcare Targeted?
The healthcare sector is consistently one of the most targeted industries by cybercriminals. This is largely due to the immense value of protected health information (PHI), which includes patients’ personal data, medical histories, and insurance details. Cybercriminals target this sensitive data for several reasons:
- High black-market value: Medical records are valuable on the dark web because they contain a wealth of personal and financial information that can be used for identity theft, insurance fraud, and other illicit activities.
- Critical systems: Healthcare systems rely heavily on digital infrastructure for patient care, diagnostics, and administrative processes. A cyberattack that disrupts these systems, such as ransomware, can have life-threatening consequences, forcing healthcare providers to pay ransoms to quickly restore operations.
- Low cybersecurity budgets: Many healthcare organizations, particularly smaller providers, do not invest sufficiently in cybersecurity measures, making them easier targets for attackers.
Common Types of Attacks:
- Ransomware attacks: Cybercriminals often use ransomware to lock down patient records and demand payment to restore access. High-profile incidents, like the WannaCry attack, have had devastating effects on healthcare services.
- Phishing: Healthcare employees are frequent targets of phishing campaigns, which trick them into clicking malicious links or downloading malware that compromises hospital networks.
- Data breaches: Theft of patient data, either through hacking or insider threats, is a common form of cybercrime in this sector.
Notable Incidents:
- In 2020, the U.S. healthcare system experienced a surge of ransomware attacks, particularly during the COVID-19 pandemic. The University of Vermont Health Network was hit by a ransomware attack that led to weeks of disruption in patient care.
2. Financial Services Industry
Why Is Financial Services Targeted?
The financial services industry is one of the most lucrative targets for cybercriminals due to the direct access to money, financial records, and personal information. Financial institutions like banks, credit unions, and investment firms are custodians of highly sensitive data, making them prime targets for attackers seeking financial gain.
Cybercriminals target this sector for several reasons:
- Valuable data: Financial institutions handle an immense amount of personal and financial information, including credit card details, Social Security numbers, and banking credentials, which can be monetized quickly by cybercriminals.
- Direct access to funds: Cyberattacks on financial institutions can result in the direct theft of funds, whether through fraudulent transactions, account takeovers, or theft of cryptocurrencies.
- Complex attack surfaces: With the rise of mobile banking, online financial services, and fintech innovations, the attack surface for cybercriminals has expanded dramatically.
Common Types of Attacks:
- Phishing and spear-phishing: Financial employees and customers are frequent targets of phishing schemes that trick them into divulging sensitive information, enabling account takeovers or fraudulent transactions.
- Malware: Financial institutions are often targeted by sophisticated malware campaigns, including Trojan attacks that steal login credentials, or malware that infiltrates ATMs to steal card information.
- Distributed denial of service (DDoS): Attackers often use DDoS attacks to disrupt banking operations, preventing customers from accessing their accounts while extorting the institution.
Notable Incidents:
- In 2016, a cyberattack on Bangladesh Bank led to the theft of $81 million via the SWIFT network, exposing vulnerabilities in global financial systems.
- Capital One suffered a data breach in 2019, affecting over 100 million customers, where attackers gained access to personal data and credit scores.
3. Energy and Utilities Sector
Why Is the Energy Sector Targeted?
The energy and utilities sector, which includes power grids, water supply systems, and oil and gas companies, is increasingly targeted by cybercriminals due to its critical role in national infrastructure. Disruptions in this sector can cause widespread societal and economic consequences.
Cybercriminals target the energy sector for several reasons:
- Critical infrastructure: Energy companies control essential services, and a successful cyberattack can lead to large-scale disruptions, blackouts, or even loss of life in extreme cases. These sectors are attractive to cyberterrorists, nation-state actors, and organized crime groups.
- Aging technology: Many energy and utility companies use outdated systems that were not designed with cybersecurity in mind, making them vulnerable to attacks.
- Geopolitical motivations: Nation-state actors may target energy infrastructure as part of cyber warfare efforts, aiming to destabilize or exert influence over rival nations.
Common Types of Attacks:
- Ransomware: Ransomware attacks on power grids and energy companies are growing in frequency. Attackers often demand payment to restore critical systems or avoid causing widespread service outages.
- Supply chain attacks: The interconnectedness of the energy sector with suppliers and third-party vendors opens the door to supply chain attacks, where malicious actors infiltrate systems through compromised partners.
- Industrial control systems (ICS) attacks: Cybercriminals target operational technology (OT) systems, which control physical processes in energy production and distribution. Disrupting ICS can cause physical damage to infrastructure.
Notable Incidents:
- The 2021 Colonial Pipeline ransomware attack in the U.S. resulted in the shutdown of a major fuel pipeline, causing widespread fuel shortages and highlighting the vulnerability of critical infrastructure.
- In 2015, the Ukrainian power grid was targeted by a cyberattack that led to blackouts affecting nearly a quarter of a million people, attributed to a sophisticated nation-state actor.
4. Retail Industry
Why Is Retail Targeted?
The retail industry is a frequent target for cybercriminals due to its vast databases of customer information, including credit card numbers, payment details, and personal data. The rise of e-commerce has expanded the digital footprint of retailers, making them more vulnerable to cyberattacks.
Cybercriminals target the retail industry for several reasons:
- High-volume transactions: Retailers process large numbers of transactions, providing ample opportunities for attackers to steal payment information.
- Point-of-sale (POS) systems: POS systems, often used in physical retail locations, are common targets for cybercriminals seeking to steal cardholder data.
- E-commerce vulnerabilities: Online retail platforms can be compromised through web application vulnerabilities, leading to data breaches or card skimming attacks.
Common Types of Attacks:
- Card skimming and data theft: Cybercriminals use malware or compromised POS systems to steal credit card information during transactions, which can be sold on the dark web.
- Credential stuffing: Attackers use stolen credentials from other data breaches to gain access to retail accounts, enabling fraudulent purchases.
- Website compromises: E-commerce sites are frequently targeted with attacks aimed at stealing customer payment information during online transactions.
Notable Incidents:
- In 2013, Target experienced a massive data breach that compromised 40 million credit and debit card accounts due to malware installed on its POS systems.
- In 2018, British Airways was fined for a data breach that exposed the personal and financial information of 380,000 customers after attackers gained access to the airline's website and mobile app.
5. Manufacturing Industry
Why Is Manufacturing Targeted?
The manufacturing industry is increasingly being targeted by cybercriminals as it becomes more reliant on automation, robotics, and digital technologies like the Internet of Things (IoT). This sector produces essential goods and relies on complex supply chains, making it a key target for disruptive cyberattacks.
Cybercriminals target manufacturing for several reasons:
- Operational disruption: Cyberattacks can halt production lines, leading to costly downtime and supply chain disruptions. Ransomware is a common tactic used to pressure manufacturers into paying to resume operations.
- Intellectual property theft: Manufacturers often develop proprietary designs, formulas, or technologies that are valuable to cybercriminals or competitors engaging in cyber espionage.
- Legacy systems: Many manufacturing facilities use legacy operational technology (OT) systems that are not well protected against modern cyber threats.
Common Types of Attacks:
- Ransomware: Manufacturing companies are frequent victims of ransomware attacks that encrypt critical systems, halting production and causing supply chain delays.
- Intellectual property theft: Hackers target valuable intellectual property, including product designs, patents, and proprietary technologies.
- Industrial espionage: Competitors or nation-state actors may infiltrate manufacturing networks to steal trade secrets or disrupt production.
Notable Incidents:
- In 2020, Honda suffered a ransomware attack that disrupted its global manufacturing operations, temporarily halting production at multiple plants.
- In 2019, Norsk Hydro, a global aluminum producer, was hit by a ransomware attack that forced the company to switch to manual operations across several plants, leading to significant financial losses.
Conclusion
While cybercriminals target many industries, healthcare, financial services, energy and utilities, retail, and manufacturing are among the most frequently attacked sectors due to the valuable data they handle and the critical nature of their operations. The common thread across these industries is the need for robust cybersecurity measures to prevent breaches, protect sensitive information, and ensure operational continuity in the face of increasingly sophisticated cyber threats.
By investing in advanced cybersecurity technologies, training employees, and establishing incident response plans, organizations in these industries can better protect themselves against the ever-evolving landscape of cybercrime.
Contact the Cristie Data-Team, for information on the latest data protection and cybersecurity solutions which we can deliver through a true “pay-as-you-go” service with no upfront costs.