Ransomware: The Latest High-Tech Crime Wave and the Industries It Affects

Ransomware isn’t new; but, unfortunately, this particular type of cyber crime has been accelerating in the recent past. Let’s take a look at some industries that are particularly juicy targets for cyber criminals to focus their efforts on attacking:

The Healthcare Industry

Of all the industries to suffer from the epidemic of ransomware attacks, ITnews.com.au has pointed out that the healthcare industry is the most frequent target. In 2019, they reported that a whopping 759 healthcare providers were previous attack victims. 

Criminals have a history of successfully blackmailing healthcare industry executives for payments, which is a primary reason that this industry has become one of the most preferred targets of cyber criminals. One notorious incident happened in the United States to the Hollywood Presbyterian Hospital, located in Los Angeles, California. As a result of that attack, the hospital’s staff ended up paying a $17,000 Bitcoin bribe to hackers who had maliciously assumed control over its computer network.

Here in Australia, a similar case happened to Cabrini Hospital. In that incident, 15,000 medical records were successfully hacked. Chaos ensued as patients arrived at the hospital to keep doctor’s appointments that hospital staff had no record of.

Governments

Governments around the world are particularly vulnerable to being attacked – and, in some cases, the attackers have been successful. For example, in Lake City, Florida, USA, government officials paid a ransom of about $460,000 in Bitcoin to their hackers. They were able to recover much of this cost through insurance.

The Finance Industry

Since money is the most frequent motivator in ransomware attacks, the finance industry is one of the most obvious natural targets of ransomware attacks. However, the finance industry is also one of the best protected industries, because financial institutions and similar finance industry businesses tended to be early adopters of fraud protection technologies and strategies. They also tend to have big budgets for hiring cyber security specialists. They are quick to implement the latest hardening measures for keeping their networks secure. 

In 2019, United States banks did not report succumbing to any successful ransomware attacks. They were definitely targeted, but their security measures apparently thwarted the attacks they did endure. Here in Australia, financial institutions enjoyed similar results. 

While there have been some minor data breaches reported, one of which affected the Bank of Queensland, the vast majority of ransomware attacks on Australian financial institutions have been unsuccessful. 

While these low numbers are reassuring, it is important to be aware that financial institutions are not invulnerable. They must be extremely vigilant in protecting themselves against ransomware attacks. 

These aren’t the only types of organisations that are vulnerable to ransomware attacks; other susceptible businesses include police departments, academic institutions and corporations. The truth is, any business in any industry is likely to become a target of ransomware attacks. All businesses therefore need to make a concerted effort to protect against this threat. 

Individual Consumers Are Also Frequent Targets

Industries aren’t the only targets of ransomware attacks. Individual consumers have also been frequent targets. 

Typically, attackers will use file-sharing protocols as a means of gaining entry to a vulnerable individuals’ computer. 

It is also common for criminals to send email that appears to be a legitimate communication from a trusted source. Perhaps you’re a senior expecting to make use of some health insurance rebates, and a scammer sends out an email that convincingly appears to come from your health insurance provider, encouraging you to click a bogus link and claim for them online. Or perhaps the scammer will send an email that mimics the look of a note from your bank, encouraging you to download a phony bank statement that includes malicious code. These sorts of emails are known as “phishing” scams. 

Many attacks are preventable, but it requires alertness. It is also necessary to ensure you keep your data regularly backed up and stored safely. Be sure to maintain your computer software and ensure that you always apply the latest security patches, as well as updating to the latest version as soon as it becomes available. For further information, we invite you to check out our pages on protecting against hackers.