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.
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