Tech firms most targeted in 2024

Nearly a third of all cases handled by Pinsent Masons’ cyber team last year involved businesses in the technology sector, according to the firm’s latest Cyber Report. The findings were discussed at a breakfast briefing in Belfast’s Lanyon Place today, coinciding with CyberNI Week 2025 and attended by representatives from the financial, energy, transport and housing sectors.

Laura Gillespie (pictured), a partner at Pinsent Masons who specialises in cyber and privacy, hosted the event and highlighted the continued importance of cyber readiness programmes. Technology clients made up 28% of all cases investigated by the firm’s cyber team, followed by finance, transport and healthcare, each accounting for 12%. She said what the report confirms is that criminals do not discriminate by country, business size, or business type and that is why whatever sector an organisation happens to operate in it must always be on its guard and never become complacent with matters concerning cyber security. She added that ongoing investment in cyber defences has never been more important to help prevent or minimise the risk of ransomware-style attacks suffered by businesses.

The report revealed that nearly half of all incidents (48%) handled by the cyber team in Belfast and across Great Britain in 2024 involved ransomware, a form of malware used to access and encrypt sensitive information. In 25% of cases, ransom demands were made, with the largest single demand reaching $70 million (£55 million) from the BlackCat group. This was successfully negotiated down to $2.5 million (£2 million) by the firm’s cyber team.

Some breaches were found to be seasonally driven, with ‘credential stuffing’ attacks on retail clients increasing in the Autumn as Christmas approached. This method involves fraudulently acquiring login details for one site and using them to access other legitimate accounts. The total volume of successful phishing e-mail attacks remained largely unchanged, at 16% in 2024 compared to 19% in 2023.

Laura said against the backdrop of today’s digital landscape, every business needs to prioritise cybersecurity because it acts as the first line of defence against ransomware and phishing attacks. She added that ensuring staff training and awareness remains a key part of cyber awareness programmes is crucial and protecting sensitive data and maintaining trust with customers and staff should not be an afterthought as it is essential for survival in an evolving online world.

Pinsent Masons’ 23-strong UK cyber team is supported by its global network. Further analysis and expert opinion can be found on the Technology and Digital Markets section of the firm’s website.