A cyber attack is expensive: more than 4 million dollars in average damage per attack
According to an annual report by the computing giant IBM, the average cost of the damage from a cyber attack to the company increased by 13% in the last two years, and now stands at an average cost of 4.35 million dollars per attack
Wednesday, July 27, 2022, 6:42 p.m. Updated: 6:46 p.m.
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Cyber (Photo: GettyImages)
IBM published this morning (Wednesday) its annual report on the damages of cyber attacks, and reveals that these have become more expensive than ever. The average cost of damage from an attack has increased by 13 percent in two years, and now stands at $4.35 million per attack. This damage also translates into an increase in prices For
consumers: Most of the companies that were attacked raised the prices of the goods and services they provide.
Although stolen credentials continue to be the most common type of security breach, the greatest financial damage is actually caused by the second most common type - phishing attacks. Damage from a phishing attack may reach close to 5 million dollars (4.91).
Damage from a phishing attack may reach close to 5 million dollars (4.91) (Photo: ShutterStock)
Is it worth paying a ransom?
Victims who chose to pay the attackers who locked their computers allegedly suffered an average of $610,000 less damage, but this cost does not include the financial cost of the ransom itself.
According to a report by the Sophos company, the average cost of a ransom was $812,000 - so in practice, the financial damage caused to the company was higher. Sophos also recently reported that there was a serious jump in attacks on healthcare organizations, which experienced a 94% increase in attacks on them, apparently due to the global corona epidemic.
On the other hand, the IBM report indicates that the duration of corporate ransomware attacks has shortened from two months to just under four days, a 94% decrease in the last three years.
By the way, Sophos points out that in small organizations, the length of stay of ransom-demanding hackers in the attacked network is obviously longer.
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Another known effect of the global corona epidemic is a lack of manpower.
And 62% of the companies that participated in the IBM report stated that their information security teams suffer from a lack of personnel, and are not prepared to provide a full response to the security needs of their organization. It also costs them more - according to the report, companies in such a situation will pay 550 A thousand dollars more in the event of an attack, compared to companies whose response teams are fully staffed.
privacy and security