24 January 2020 Insurance

Research reveals UK industry sectors most vulnerable to cyber-attacks

The vast majority of UK SMEs (81 percent) have suffered a data breach or cyber-attack, with a considerable two in five (37 percent) admitting they had suffered multiple breaches, according to a new research report from OGL Computer and CyberGuard Technologies.

The State of Technology at UK SMEs 2020 Research Report reveals how technology decision makers at UK SMEs are prioritising cyber security to ensure business continuity and growth.

It also highlights newer technologies such as robotics and AI that SMEs plan to adopt, how SMEs are using technology to power remote workforces and what technologies they are adopting for growth.

It found that public sector healthcare providers are particularly susceptible to supply chain attacks that exploit the chain of trust, targeting the valuable personal data which healthcare providers store and process. Suppliers can be seen as more vulnerable and an easier route for attackers to gain access to a more lucrative target. Hospitals store an incredible amount of valuable, confidential patient data which hackers can sell on easily – making any supplier to the industry a target.

The legal sector is particularly vulnerable to cyber-attacks due to the volume of data, sensitive information, financial responsibility and authority held. If a law firm specialises in corporate or property law, they are at increased risk, as the potential for financial gain is greater. Although the main reason law firms are targeted is for financial gain, there is also a growth in bad actors using cyber-attacks to achieve political, economic or ideological goals.

Cyber-attackers have found numerous routes into organisations via HR, including payroll fraud, recruitment scams, corporate espionage. Any identifiable information is valuable to criminals, and payroll and other HR systems are a treasure trove of names, addresses and bank details. If this is compromised, not only can it affect individual employees, it also gives attackers more ammunition with which to increase the likelihood of a successful attack on other parts of the business.

Additionally, recruitment agencies are prime targets for malware. If hit by a data breach, employment agreements and sensitive documents such as passport scans and visa details are all left exposed.

The report also highlights vulnerabilities in the manufacturing sector, where intellectual property is incredibly valuable, and in the financial sector, where financial service providers are a hacker’s favourite, given the nature of the private information held by those organisations.

SMEs in the financial sector were more likely to suffer 3 or 4 breaches than any other sector at 50 percent, while healthcare and IT & Telecoms sectors were most likely to suffer two breaches at 75 percent.

Colin Dennis, head of technical operations, OGL Computer said: “Cyber security has been front of mind for SME customers for some time now, as awareness of cyber-risks continues to rise. Proactive management of IT requirements is in many ways connected to this trend, as businesses of all sizes look to compliance requirements as well as asset protection and disaster recovery.”

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