A recent report from Belfast law firm Pinsent Masons has shed light on the evolving digital scam landscape, revealing that technology, finance, and transport operators are the primary targets for criminals. The firm’s sixth cyber report, launched during CyberNI Week 2025 at its Soloist office in Lanyon Place, highlighted that technology clients made up 28% of all cases investigated by the firm’s 23-strong cyber team in the previous year.
Following technology, finance, transport, and healthcare each accounted for 12% of the workload, emphasizing the vulnerability of these sectors to cyber threats. Additionally, incidents where business emails were compromised increased by 21% in the past year, underscoring the growing risk of cyber attacks across industries.
The report also delved into the prevalence of ransomware attacks, with nearly half (48%) of all incident-type cases in 2024 involving ransomware. Ransomware is a common technique used by cybercriminals to access sensitive information or personal data before encrypting it, posing a significant threat to businesses’ cybersecurity.
In one-quarter of all incidents, cash demands were made by threat actor groups, with the largest ransom demand reaching $70 million (£55m) from the BlackCat group in 2024. The cyber team successfully negotiated this amount down to $2.5 million (£2m), highlighting the critical role of cybersecurity experts in mitigating the impact of ransomware attacks.
Partner Laura Gillespie, specializing in cyber and privacy at Pinsent Masons, emphasized the indiscriminate nature of cybercriminals, noting that businesses of all sizes and sectors are at risk. She highlighted the importance of ongoing investment in cybersecurity defenses to prevent and minimize the risk of ransomware-style attacks.
The report also identified seasonally led breaches, with ‘credential stuffing’ attacks on retail clients increasing during the autumn period as Christmas approached. This practice involves fraudulently gaining valid login and password combinations for one site and using them to access legitimate accounts on other sites, showcasing the evolving tactics employed by cybercriminals.
While the total volume of successful phishing email attacks remained relatively stable between 2023 (19%) and 2024 (16%), Laura stressed the need for businesses to prioritize cybersecurity. She emphasized that cyber security serves as the first line of defense against ransomware and phishing attacks, urging companies to prioritize staff training and awareness to protect sensitive data and maintain trust with customers and staff in an increasingly online world.
With the digital scam landscape evolving rapidly, businesses must remain vigilant and proactive in their approach to cybersecurity to safeguard against cyber threats and mitigate potential risks. The insights from Pinsent Masons’ cyber report serve as a stark reminder of the importance of investing in robust cybersecurity measures to protect sensitive information and maintain business continuity in the face of evolving cyber threats.