An insightful report from OGL Computer (January, 2020) reveals how UK SMEs are opting for better cybersecurity to guarantee business continuity and growth. The report also details which verticals are most susceptible to breaches.
A vast majority of UK SMEs (81%) confirmed that they were hit with a data breach or cyberattack, with a substantial two in five (37%) (from the OGL report, 2020) admitting they had suffered several breaches. One business stated that they suffered at least eight attacks.
Industry verticals had a significant bearing here, with the healthcare, IT & telecoms and legal industries topping the list of those suffering multiple attacks.
Here are the top six verticals where more than one breach was found.
Healthcare
Hospitals and other healthcare providers store an incredible amount of valuable, confidential patient data which hackers can sell on easily, exploiting the chain of trust – making any supplier to the industry a target.
IT & Telecoms
IT companies store large amounts of sensitive customer data, making cloud storage, developers of security software, and file-sharing solution providers targets of supply chain compromise attempts.
Legal
The legal sector is especially vulnerable to cyberattacks 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.
HR & Recruitment
Any identifiable information is valuable to criminals, and payroll and other HR systems are a treasure trove of names, addresses and bank details. This affects not only individual employees, but the company as a whole too.
Manufacturing & Utilities
Intellectual property is immensely valuable. Hence, the manufacturing sector has always been a prime target for cyber breaches. Often manufacturing firms rely on highly specific software packages that are difficult to patch against recent exploits, making information on products and R&D highly vulnerable.
Finance
The threats facing organisations working directly and indirectly with the finance sector go far beyond simple theft. Financial service providers (such as banks, insurance companies, asset managers, etc.) are a hacker’s favourite, given the nature of the private information held by those organisations.
Businesses of all sizes are looking for requirements for asset protection and disaster recovery. As awareness of cyber risks continues to rise, cyber security has been front of mind for SMEs for some time now.
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