2024 UK Government statistics showed that 50% of all UK businesses experienced some form of cybersecurity breach or cyberattack over the previous 12 months. The figure was much higher for medium businesses (70%) and for large businesses (74%).
No matter how big your business, and no matter what sector you are in, you are at risk of cybercrime. However, criminals might be more likely to target some industries over others.
What Are The Top Targeted Industries For Cyber Attacks?
According to data from the World Economic Forum, the top targeted industries for cyberattacks are:
- Healthcare (accounting for 14.2% of all attacks)
- Financial organisations
- Telecommunications
- Transport companies
- Energy companies
The WEF defines these sectors as “critical infrastructure”. Cybercriminals are most likely to target such sectors because it is here where they are most likely to access huge amounts of valuable confidential data. Also, some cybercriminals are simply looking to cause chaos, and targeting critical infrastructures is an obvious way to cause as much damage as possible.
Top Targeted Businesses For Cyberattack in the UK
In the UK, sectors which appear to be particularly vulnerable to cyber attacks are:
- HR
- Recruitment
- Manufacturing
- Hospitality
Businesses in these sectors will process lots of sensitive customer and client data. They’ll run on a network of laptops, smartphones, and tablets, offering multiple areas of attack for cybercriminals.
Plus, businesses in these sectors may be less likely to have invested in cybersecurity, meaning that they may be ill-prepared to effectively respond to a cyberattack.
For a case study in how cybercriminals may target a business in the hospitality sector, consider Marriott’s 2018 data breach. Criminals accessed nearly 400 million customer records, including 9.1 million credit card numbers and over 23 million passport numbers, resulting in huge regulatory fines and restoration costs for the chain.
The Most Common Types of Cyberattacks
According to the UK Government’s latest cybersecurity survey, these are the most common forms of cyberattacks in the UK:
- Phishing – 84% of businesses have experienced a phishing attack. This usually involves cybercriminals sending an email that appears to come from a trusted, genuine source, such as a bank, or an online retailer. This message will prompt the recipient to take action, usually by clicking a link. But clicking this link could give cybercriminals access to your system.
- Social Engineering – 35% of businesses have experienced social engineering attacks. This is similar to phishing, in that the cybercriminals will send messages that appear to come from a trusted source. But in this case, they may impersonate a trusted individual, such as a manager or a tech support worker, in order to trick recipients into sharing sensitive data such as passwords.
- Malware – 17% of businesses have experienced a malware attack. Malware is malicious software that can give cybercriminals access to your system. Particularly damaging for businesses are ransomware attacks. With ransomware, cybercriminals can encrypt your systems or your data and demand a payment to remove the encryption. If the business does not pay this “ransom”, the cybercriminal may delete the data, or they may sell it to other cybercriminals.
Consider Your “Cyber Hygiene”
Because most cyber threats are comparatively unsophisticated, the UK Government advises businesses to protect themselves through adopting some “cyber hygiene” measures.
These include:
- Installing effective antivirus and malware protection, and keeping this software up to date.
- Restricting admin rights and enforcing robust password policies and authentication systems.
- Imposing network firewalls, and secure cloud back-up for the most valuable business data.
- Staff training on spotting phishing emails, with an agreed process in place for responding to them.
Specialist Cyber Insurance For Your Business
Finally, specialist cyber insurance can give your business the cover you need to effectively respond to cyberattacks and data breaches.
Though your insurance will not prevent attacks and breaches from taking place, your cover will prove invaluable if you ever fall victim to cybercrime. Your policy can cover the costs associated with managing and securing the breach, along with any compensation that may be due.
Read our full guide to how cyber insurance works, and what it covers.
James Hallam is an independent Lloyd’s broker with access to a hand-picked selection of A-rated insurance providers. We can help your business find the cyber insurance you need at the best possible price.
Get in touch for a free quote today.