A report by Barracuda Networks analyzed the security challenges organizations face worldwide and the financial consequences following security compromises. The report is based on a global survey of 1,917 IT security practitioners.

The average annual cost to respond to compromises is US$5.34 million ($2.98 million is associated with the damage of theft of IT assets and infrastructure and subsequent cost to repair or replace; $2.36 million is related to the disruption of normal operations, including revenue losses because of system downtime).

Most common attack types:

• Denial of service (52%)
• Phishing/social engineering (48%)
• Credential theft (41%)
• Advanced malware/zero-day attacks (40%)
• Malicious insider (38%)
• Compromised/stolen devices (33%)
• Account takeover (26%)
• Web application attacks (26%)
• Web-based attacks (20%)
• Other (4%)

More than 70% of survey respondents experienced a ransomware attack in the last year and 61% of those chose to pay ransom.

Only 39% of those surveyed said they are confident their existing security infrastructure is adequately equipped to protect against Generative AI-powered security attacks by hackers. AI has the potential to increase the volume, frequency, sophistication, and effectiveness of cyberattacks, underscoring the need for organizations to evolve their cybersecurity strategies.

Additional Reading

Cybersecurity In Numbers: Unpacking The Cybernomics 101 Report (forbes.com)

ICBC Ransomware Incident: A Global Call to Action Against Financial Cyber Threats (techspective.net)

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