Last year, the financial sector became the second most targeted industry for ransomware attacks, with a total of 120 incidents reported, according to a newly released report by NordLocker.

The industry reported 5.6 percent of all recorded ransomware attacks in 2022, a steep rise over the 4.8 percent the sector experienced in 2021.

Manufacturing, construction and transportation sectors had been the most targeted industries for ransomware attacks.

A notorious, Russian-linked ransomware gang was responsible for most of the attacks on the financial sector in 2021 and 2022.

U.S.-based companies were targeted the most, the report noted, with 58 incidents reported in 2022. The UK followed with seven attacks, while Canada and Germany each had four attacks.

In 2021, the U.S. sustained 69 attacks, the UK six, while Canada and France each reported five.

Ransomware groups do not appear to discriminate based on company size or profit. Within the past two years, businesses with 11-50 employees sustained 66 attacks, those with 51-200 employees sustained 47 attacks, and those with under 10 employees 26 attacks.

Companies with profits of $10-$25 million reported 28 attacks, those with $1-$5 million reported 11 attacks, and those with less than $1 million reported eight attacks.

Of the report’s findings, Aivaras Vencevicius, head of product for NordLocker, said that businesses should remain vigilant when it comes to cybersecurity.

“With cyber threats constantly changing, businesses in the financial sector must remain vigilant and proactive in addressing emerging risks,” he added.

Vencevicius suggested some steps to enhance cybersecurity measures like staying informed about the latest threats, cybersecurity training for employees, ensuring proper file hygiene, updating software, conducting backups and encryption.

Though file hygiene and backups can’t stop cyber attacks, they give the company leverage, he said.

“Even if a company becomes a target for ransomware, the ability to restore data immediately will guarantee business continuity,” the report stated. “And if the company keeps the files encrypted, the information will be unreadable to hackers.”