Cyberattacks Survey 2019: Average Cyberattack Cost Beyond USD 1.1 Mn!
Organizations all over are striving for advanced technology solutions in their quest to meet the business competition.
But one hindrance factor continues to haunt them i.e., ‘Cyberattacks’.
Along with business advantages on one side, advanced technology solutions have also opened avenues for the rise of organizations’ vulnerability to cyberthreats.
This was evident in many cyberattacks since the past to the most-notable incidents in 2018!
A 2019 survey by an Israel-based cybersecurity services provider ‘Radware’ reports some alarming facts about cyberattacks and rise in expenditure to tackle such incidents.
The report cites security professionals estimating the average cost of a cyberattack at more than USD 1.1 million, while it is USD 1.67 million in case of organizations calculating the cost (against estimates).
The survey reported some shocking revelations about cyberattacks business impact reported by its survey respondents, which include:
- 54% report ‘operational and productivity loss’
- 43% cite ‘negative customer experience’ and ‘reputation loss’ (post cyberattack)
- 45% say ‘service disruption’
- 35% report data leakage and critical information loss
Surprisingly, there is a rise in the frequency of cyberattacks:
- 21 percent of respondents report daily cyberattacks, a 13% year-on-year rise
- Only 7 percent report ‘no cyberattacks’
Looking at the effectiveness of cyberattacks:
- > 75% report ‘service degradation and complete outage’ as a result of cyberattack, compared to 68% last year
- Rise in usage of emerging attack vectors to break networks and data centers: Https breaks (28-34%), DNS (33-38%), burst attacks (42-49%) and bot attacks (69-76%)
- 56% report monthly changes and updates to their public-facing applications
- 2/3rd report application-layer Denial of Service (DoS) attacks, with 35% looking at application vulnerabilities as major threats in the future
Despite the increasing expenditure and negative impact on business, three in four organizations report lack of formal procedures, in-house, to assess the business impact of a cyberattack against their organization.
If you are also among those concerned about cybersecurity strategy, then it’s time to gear up for security strategies such as Disaster Recovery, among others.
Get in touch! Veritis can help you!