New patterns for data breaches: The sectors most at risk

What would a cyberattack on your local government look like? Drata analyzed threat trends to break down the growing issue.
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Data breaches are increasing and are now at a frequency of one every 39 seconds according to research from the University of Maryland. Data also indicates that 43 percent of these breaches target small to medium businesses.

By working in certain industries, the risks are higher especially with personal data—emails, passwords, financial details—which can be compromised overnight. 

Peter F. Frandsen, a Cyber Security Expert of Partisia, a leading privacy platform, tells Digital Journal:  “Every click, share, and download can be tracked, traced, and potentially compromised.”

Five most at risk industries

Some industries are more vulnerable to cyber threats hence facing a high risk of experiencing data breaches or other types of cyberattacks in the future. Five industries that face a high risk of becoming victims of digital crimes have been identified by Frandsen and shared with Digital Journal.  

1. Manufacturing

The IBM Security’s 2024 Threat Intelligence Index revealed that manufacturing is among the most targeted industries by cyber attackers & the predominant attack methods included malware and ransomware. A famous example which took place was in February, 2023 when Applied Materials – an American multinational corporation with market capitalization of over multi-billion dollars suffered ransomware attack on one of its suppliers. It was predicted that this infraction could cost the company up to $ 250 million.
 

The financial and insurance organizations are the most frequently attacked because of the nature of the data they process. Another common attack used by hackers is the web application attacks since millions of clients apply such apps. Internal threats are also increasing and according to the Verizon’s 2023 Data Breach Investigation report 34% breaches in this sector involved insiders.

Between 2018 to 2023 the threats from external sources have reduced marginally while threats from internal sources have increased. As for the cost of a breach in this industry they are among the highest with finance and insurance placing second in terms of cost of a breach.
 

The research concerns finding out that cybercriminals are targeting the healthcare industry more and more. At the same time as enforcing the connecting of more and more medical devices as well as employing the utilization of Electronic Health Records, healthcare data is a top commodity for the black market. 

When we tried to gather information about the growth rate of the healthcare cybersecurity market across the world, we came to know through marketsandmarkets that the market will reach up to $35. The US jeopardizes patient privacy where it is estimated that one million patients’ records are exposed every single day and will be 3 billion by 2028.
 

One sector that is most vulnerable to hackers is the governmental institutions, so rich in classified data. Seventy-nine ransomware assaults on U. S. government entities occurred in 2020, costing $18. Eight billion US dollars in lost revenues due to recovery costs and replacements. Even more shocking, only 38% of state and local government workers received training on how to mitigate ransomware risks; meaning this sector is very exposed to cyber criminals.
 

• Energy and Utility Companies

Energy and utility companies provide important public services that are essential to the operation of a country’s infrastructure making them an obvious target to hackers. The recent attack that targeted the Colonial Pipeline in 2021, which halted fuel deliveries to the entire U.S. East Coast is a pretty good example of weaknesses present in this sector. 
 

A New Approach to Data Protection in High-Risk Industries Frandsen explains that as data breaches become increasingly common, experts warn that employees in certain industries are particularly vulnerable to having their personal information compromised overnight. However, emerging technologies could offer a solution by shifting the way data is managed and protected.