The average cost of a cyber attack has surged to $1.1 million, according to a recent report. This figure escalates to $1.67 million when considering specific types of attacks.
The 2018-2019 Global Application and Network Security Report highlights the productivity losses and negative customer experiences that are the most significant consequences of these cyber attacks.
Rising Costs and Impact
The report, conducted by a cyber security company’s emergency response team, surveyed 790 IT executives across various industries. The findings reveal that productivity loss and negative customer experience are the most significant impacts of cyber attacks. Additionally, specific types of attacks can push the average cost to $1.67 million.
Motivations Behind Cyber Attacks
This development underscores the importance of robust cyber security measures. Both service disruptions and data theft have serious consequences for businesses, affecting not only their operations but also their reputation.
Evolving Threats
Understanding these trends is crucial for businesses aiming to protect themselves. Investment in advanced technology and defence mechanisms is essential to mitigate these rising threats.
The Importance of Downtime Management
With a growing public awareness of data risks, protecting customer information has never been more critical. The long-lasting impacts of data breaches can be detrimental to consumer confidence.
Automation and Future Predictions
The increasing automation of attacks makes machine learning and AI critical components of a modern defence strategy. Investing in these technologies can provide robust and effective protection against future threats.
Adoption of Machine Learning and AI
As Curley noted, ‘Machine learning and AI are growing in popularity because they offer effective, round-the-clock defences.’ Businesses that do not invest in these technologies may suffer long-term consequences.
Prevalence of Cyber Attacks
With the number and complexity of attacks increasing, businesses are under more pressure than ever to bolster their cybersecurity measures.
In conclusion, the rising cost of cyber attacks underscores the urgent need for robust cybersecurity measures.
As threats become more sophisticated, businesses must invest in advanced technologies like machine learning and AI to protect themselves effectively.