The recent report on cyber-attacks sheds light on the significant financial and reputational costs faced by organizations due to cyber incidents [3].
Description
A recent report on cyber-attacks highlights the significant financial and reputational costs faced by organizations [3], with a growing number experiencing unplanned expenses [3]. Nearly half of IT and security professionals surveyed reported incurring unplanned expenses after cyber-attacks [2], with the percentage of those suffering no financial impact decreasing from 47% to 38% in 2024 [2]. According to a survey of IT and security professionals [3], a majority of organizations detected serious cyber-attacks in the past year [3], leading to various negative impacts such as loss of competitive advantage [3], decrease in company valuation [3], lawsuits [3], customer churn [3], and changes in senior leadership [3]. Cloud account compromise attacks have seen a significant rise in recent years [3], with 55% of respondents reporting them in 2024 [1] [6]. Targeted attacks on premises have intensified [1] [4], with a 42% increase in those affected [1]. Phishing remains the top attack vector [1] [3] [4] [6], affecting both on-premises and cloud systems [3], with 74% of respondents experiencing this type of cyberattack [1] [6]. Cloud account compromise has increased significantly in recent years [2] [3], with phishing attacks being a common cause [2], along with brute force attacks and breached credentials purchased on the dark web [2]. Interest in implementing AI tools has surged [1], with 28% of respondents naming it as a top IT priority [1]. Financial damage from cyber incidents was estimated to be at least $50,000 by 17% of organizations [4] [6]. Insurers are now requiring organizations to have identity and access management and privileged access management tools in place to mitigate risks and improve security posture. 62% of organizations have or plan to purchase cyber insurance to meet insurers’ stringent requirements.
Conclusion
The impacts of cyber-attacks on organizations are significant, with financial losses [6], reputational damage, and operational disruptions being common consequences. To mitigate risks and improve security posture [3], organizations are increasingly investing in identity and access management, privileged access management [3] [5], and cyber insurance [4] [5] [6]. The rise in cloud account compromise attacks and phishing incidents underscores the need for robust cybersecurity measures. Looking ahead, the implementation of AI tools and adherence to insurers’ requirements will be crucial in safeguarding organizations against cyber threats.
References
[1] https://www.netwrix.com/79-percent-of-organizations-spotted-a-cyberattack-within-the-last-12-months-up-from-68-percent-in-2023.html
[2] https://ciso2ciso.com/lawsuits-and-company-devaluations-await-for-breached-firms-source-www-infosecurity-magazine-com/
[3] https://www.infosecurity-magazine.com/news/lawsuits-company-devaluations/
[4] https://www.prnewswire.com/news-releases/netwrix-annual-security-survey-79-of-organizations-spotted-a-cyberattack-within-the-last-12-months-up-from-68-in-2023-302132908.html
[5] https://www.claimspages.com/news/netwrix-2024-report-highlights-evolving-cybersecurity-trends-and-growing-challenges-in-hybrid-it-environments-20240501/
[6] https://www.investorsobserver.com/news/qm-pr/8563307393257253
