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Average Cost of Cyberattack Now Over $1 Million

Written by  Jan 21, 2019

The 2018-2019 Global Application and Network Security Report noted that for those organizations that calculate (versus estimate) the cost of an attack, that number increases to $1.67M. The top impact of cyberattacks, as reported by respondents, is operational/productivity loss (54%), followed by negative customer experience (43%). What’s more, almost half (45%) reported that the goal of the attacks they suffered was service disruption. Another third (35%) said the goal was data theft.

“While threat actors only have to be successful once, organizations must be successful in their attack mitigation 100% of the time,” said Anna Convery-Pelletier, Chief Marketing Officer for Radware. “A cyberattack resulting in service disruption or a breach can have devastating business impacts. In either case, you are left with an erosion of trust between a brand and its constituency.”

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While the cost of attack mitigation continues to rise, so does the number of organizations under attack. Most organizations have experienced some type of attack within the course of a year, with only 7% of respondents claiming not to have experienced an attack at all. Twenty one percent reported daily attacks, representing a significant rise from 13% last year. Not only are attacks becoming more frequent, they are also more effective: 78% of respondents hit by a cyberattack experienced service degradation or a complete outage, compared to 68% last year. Even with these numbers, 34% of respondents do not have a cybersecurity emergency response plan in place.

Other findings of the report include:

  • 43% of respondents reported negative customer experiences and reputation loss following a successful attack.
  • Data leakage and information loss remain the biggest concern to more than one-third (35%) of businesses, followed by service outages.
  • Hackers increased their usage of emerging attack vectors to bring down networks and data centers: Respondents reporting HTTPS Floods grew from 28% to 34%, reports of DNS grew from 33% to 38%, reports of burst attacks grew from 42% to 49%, and reports of bot attacks grew from 69% to 76%.
  • Application-layer attacks cause considerable damage. Two-thirds of respondents experienced application-layer DoS attacks and34% foresee application vulnerabilities being a major concern in the coming year. More than half (56%) reported making changes and updates to their public-facing applications monthly, while the rest made updates more frequently, driving the need for automated security.
  • 86% percent of surveyed businesses indicated they explored machine-learning (ML) and artificial intelligence (AI) solutions. Almost half (48%) point at quicker response times and better security as primary drivers to explore ML-based solutions.

 

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