The recent ransomware attack that shut down the Colonial Pipeline in the United States exemplifies the growing sophistication of cyberattacks over the past 12 months.
Ever since the Colonial attack, there have been attacks involving the insurance sector in Asia, a European truck lease provider, a French distressed debt purchaser and a global food company. All involved ransomware demands and highlighted attackers’ ability to choose targets without regard for geography or sector.
Nor are attacks limited to listed firms: Sovereign states and public institutions are acutely vulnerable, too. We have seen attacks on the U.S. city of Hartford, numerous Texas school districts and, more recently, on the Irish health care system.