CYBER ATTACKS
CYBERROOT RISK ADVISORY
WHAT ARE CYBER ATTACKS ALL ABOUT?
Cyber attacks involve compromising a computer system or network infrastructure to cause harm. Computer systems and networks are disrupted, disabled or accessed unauthorisedly by cyber criminals through cyberattacks.
Attackers steal, modify or delete crucial data on the victim organization's computer. They can potentially use a compromised machine to conduct further attacks against other systems or surroundings. Cyber assaults have many goals, from monetary gain to manipulating public opinion to cyber warfare.
WHAT HAS LED TO THE RISE IN CYBER ATTACKS & WHAT DOES RESEARCH SAYS?
Modernizing infrastructures to support an always-on, connectfrom-anywhere workforce has become difficult for security experts due to the rapid shift to remote work. Increasingly, people worked from home and used unsecured Wi-Fi and data networks, making networks easier to hack. The vulnerability of unencrypted servers has become a new threat, in addition to the previously recognized cybersecurity problems posed by corporate email, suppliers, and third-party vendors.
Research shows that top management and boards of directors are becoming more aware of cyber attacks. Cyber insurance is now the third most prevalent driver of new sales and growth among leaders. Cyber-related breaches affecting firms of all kinds are causing an apparent "fear factor," driving cyber insurance sales.
Businesses aren't just purchasing cyber insurance policies more frequently; they also request more significant coverage limits.
WHAT DO STATISTICS SAY ABOUT CYBER ATTACKS?
About $1 trillion is spent on cybercrime globally, 50% more than anticipated in 2018. It accounts for more than 1% of the world's GDP.
By 2021, a data breach cost an astounding $3.86 million on average. It was $4.24 million in 2022.
The typical cost of a data breach that compromises 1 million to 10 million records is $50 million. In comparison, the cost of one that compromises 50 million records can reach up to $392 million.
For businesses that had implemented security automation entirely, the estimated cost of cybercrime was $2.45 million, whereas it cost $6.03 million for companies lagging.
Businesses with effective cyber attack prevention techniques could save up to $1.4 million for every assault that is prevented.
Only 24% of cybersecurity experts spend money preventing cyberattacks. 56% of businesses lack a plan for responding to cyber incidents. And only 32% of the remaining 44% genuinely believe their strategy will work.
CYBER ATTACK STATISTICS IN TERMS OF EACH INDUSTRY
HEALTHCARE INDUSTRY
In the US, 76% of ransomware-affected hospitals had three or more attacks.
For every patient record affected by a breach, healthcare providers might spend up to $408, plus an extra $1.75 million, to repair their reputation.
By 2025, it is anticipated that the worldwide healthcare cybersecurity industry will be worth $125 billion.
90% of the medical personnel that worked remotely during the COVID-19 epidemic were not trained in data privacy or security procedures beforehand.
28% of assaults on the healthcare sector used ransomware, moving the sector up to the seventh place from tenth place. According to a poll, 40% of respondents needed to be aware of the cybersecurity measures at their company.
ENERGY INDUSTRY
Energy businesses make up 84% of the sector, and 68% are projected to get cyber liability insurance. These enormous numbers highlight cyber threats' gravity and their effects on the energy industry.
In India alone, up to 30 cyberattacks against the electricity industry are recorded daily.
Compared to other industries, the average cybersecurity expenditure for the energy industry is around 10% lower.
In the utility industry, 67% of apps have at least one exploitable severe vulnerability open at any time.
FINANCE INDUSTRY
The financial services industry has the most significant cost of cybercrime across all businesses at $18.3 million.
Each financial service worker has access to 11 million files on average.
The figure is significantly higher – 20 million — for larger companies.
In the banking industry, it takes 233 days on average to contain a data breach.
On average, financial services companies spend 0.3% of overall revenues and 10% of their IT expenditure on cybersecurity.
