Which Sectors Are Prime Targets For Ransomware Attacks? – Technologist

In the past 12 months, the healthcare sector and companies inside it have become prime targets for ransomware attacks, accounting for over one-fifth (21%) of such incidents globally. This marks an increase from 18% the previous year, underscoring the growing vulnerability of healthcare organisations to cyber threats. As a technology provider committed to safeguarding critical infrastructures, we recognise this sector’s urgent need for enhanced cybersecurity measures.

Which sectors are ransomware attacks occurring in?

Recent research, which analysed 200 reported ransomware incidents from August 2023 to July 2024, highlights these attacks’ profound impact on patient care, including the cancellation of operations and delays in critical services. The healthcare sector is not alone in facing this threat; local government municipalities in the U.S. also remain a high-risk target, with 17% of ransomware attacks directed at them.

A decrease in ransomware attacks

While the education sector saw a decrease in ransomware attacks—from 18% in 2022-23 to 9% in 2023-24—the financial services industry experienced a significant rise, from less than 1% to 6% during the same period. Manufacturing (15%) and technology firms (13%) were also heavily targeted, indicating a broad spectrum of industries at risk.

The analysis covered 37 countries, revealing that variations in regulatory requirements for reporting cyber incidents might affect the visibility of ransomware’s impact across different sectors. This disparity emphasises the importance of a unified approach to cybersecurity standards globally.

Ransomware-as-a-Service: An Ongoing Challenge

The prevalence of Ransomware-as-a-Service (RaaS) models remains a significant challenge. LockBit, responsible for 18% of attacks where the attacker’s identity was known, has notably targeted healthcare (28% of incidents), municipalities (21%), and education (14%). Despite law enforcement’s efforts to dismantle much of LockBit’s infrastructure in February 2024, the group has resumed its ransomware operations, posing ongoing threats.

ALPHV/BlackCat was behind 14% of the attacks in 2023-24, with a significant portion (33%) targeting healthcare and 17% directed at financial services. The Rhysida gang accounted for 8% of attacks, with 38% of their activities focused on the healthcare sector.

Proactive Measures to Detect and Prevent Ransomware

Ransomware groups increasingly prioritise data exfiltration over encryption to extort victims, which has led to a rise in defence evasion tactics aimed at prolonging their presence within victim networks. However, this extensive post-compromise activity provides security teams multiple opportunities to detect and mitigate these threats before they fully unfold.

When is ransomware often spotted?

Additionally, the research found that 44% of ongoing ransomware attacks were identified during the lateral movement stage, a critical phase where attackers spread within a network. Additionally, 25% were detected through file modification alerts, and 14% by identifying off-pattern behaviour.

These insights highlight the importance of continuous monitoring, advanced threat detection, and rapid response strategies. By leveraging these capabilities, organisations can significantly reduce the impact of ransomware incidents and protect their critical assets.

How can Neuways help organisations in the healthcare sector?

As a leading technology provider, we are committed to empowering organisations across all sectors with the tools and expertise needed to defend against evolving cyber threats. The Neuways goal is to ensure that no industry, especially those as vital as healthcare, falls victim to ransomware attacks without the means to detect, prevent, and respond effectively.

Find out the prime targets for ransomware attacks and get in touch with Neuways today.