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Cost of average cyberattack tops $1.6m

(Image credit: Image source: Shutterstock/lolloj)

The average cost of a cyberattack last year was $1.6 million, according to the latest figures from Radware. The cybersecurity company says this figure is not based on estimates, but rather on calculations from companies that have suffered disruption through cyberattacks.

There are a couple of major areas that bear the brunt of cyberattacks, and those are operational and productivity losses (54 per cent) and negative customer experience (43 per cent). Service disruption and data theft are the main goals of cyberattacks, it was said.

Despite increasing investment in cybersecurity and increased awareness, cyberattacks are rising. The report states that just seven per cent of organisations have stated to have never been victims of such an attack. A fifth get attacked daily.

Despite attacks becoming more effective, many companies don't have an emergency response plan set up.

“This year we’ve seen a real shift in the impact an attack has on a company financially and it’s especially interesting that more companies are taking the time to calculate the loss not just estimate it. That’s not surprising given how volatile economies are at the moment. Understanding the impact of downtime on productivity as well as sales and consumer trust is essential to justify spending money on protecting the business in the future, and staying competitive.” said Jeff Curley, head of online and digital for Radware UK, Ireland and the Nordics.

Image source: Shutterstock/lolloj

Sead Fadilpašić
Sead Fadilpašić

Sead Fadilpašić is a freelance tech writer and journalist with more than 17 years experience writing technology-focussed news, blogs, whitepapers, reviews, and ebooks. And his work has featured in online media outlets from all over the world, including Al Jazeera Balkans (where he was a Multimedia Journalist), Crypto News, TechRadar Pro, and IT Pro Portal, where he has written news and features for over five years. Sead's experience also includes writing for inbound marketing, where he creates technology-based content for clients from London to Singapore. Sead is a HubSpot-certified content creator.