Industries boost cyber defenses against growing number of attacks by Moody's

Cyberattacks are increasingly threatening industries and sectors in the wake of the Covid-19 pandemic. The consequences of cyberattacks can be severe and lasting, causing disruptions to the supply chain, reducing services, or knocking critical infrastructure offline. They can also result in financial losses, increased business costs, higher insurance premiums, reputational damage, and strained customer relations.

With the shift to virtual workforces and increased reliance on digital platforms, companies are fortifying their digital security practices to protect against cyberattacks. An analysis by Moody’s Investors Service revealed which industries and sectors are at the greatest risk of cyber threats. The transportation sector, for example, has been particularly affected, with an average of $4.6 million in damages per incident over the past 10 years.