Look Trend Micro Q3lyngaascyberscoop: In this article, we look at the most targeted sector during the third quarter of 2019 and what’s been going on with ransomware incidents targeting these firms. The manufacturing industry is being targeted by ransomware attackers much more in recent months, which Trend reports is due to a decline in enterprise spending related to digital transformation. Particular sectors like manufacturing are particularly lured by cybercriminals’ promises of increased profits and strategic advantage, which has the potential for serious consequences.
Manufacturing is attractive to hackers because it’s generally older, with machines that run on outdated operating systems and applications that are much more vulnerable to attack. The scale of some large manufacturing firms also makes them especially attractive targets. In fact, in recent years the manufacturing industry has been by far the most targeted sector by ransomware attacks.
The reason for this could be a decline in enterprise spending related to digital transformation. Many companies are moving to digital business models and implementing programs like Industrie 4.0, which makes them an attractive target for hackers because they’re often old, with machines running outdated operating systems and applications that are much more vulnerable to attack. These industries also generally have very large networks — spanning multiple sites, satellites and suppliers — which makes it easier to carry out a successful ransomware attack.
Another possible reason for the spike in attacks on the manufacturing industry could be due to a decrease in cybersecurity spending. According to new research from Juniper Research, the manufacturing industry spends 1% of revenue on Cyber Security, which is less than other industries. Because of this, manufacturing falls behind other sectors such as healthcare and hospitality when it comes to deployment of effective cybersecurity measures.
Manufacturing also makes up a huge portion of global GDP, with an estimated $28 trillion being produced by the sector each year. Since manufacturers rely so heavily on technology and automation, they are especially vulnerable to threats. While these companies mostly suffer ransomware attacks, cybercriminals are also using other tactics, like spear phishing and supply chain manipulation to launch destructive attacks.
Because of this huge amount of revenue at stake if manufacturing firms are targeted by ransomware attackers, the industry is at a high risk for these types of attacks. In fact, in recent years the manufacturing industry has been by far the most targeted sector by ransomware attacks. While ransomware attacks on small and medium-sized firms are relatively common, manufacturing businesses often employ thousands of personnel, with a large online presence. This makes them ideal targets for ransomware attack.
Manufacturing is also attractive to cybercriminals because it’s older, with machines that run on outdated operating systems and applications that are much more vulnerable to attack. The scale of some large manufacturing firms also makes them especially attractive targets. In fact, in recent years the manufacturing industry has been by far the most targeted sector by ransomware attacks.
