November 28, 2022

Cyberattack cost examined

Combating cyberattacks has proven to be costly, with organizations shelling out $1,197 per employee annually to deal with email service-, cloud app- or service-, and web browser-related cyber incidents, excluding expenses related to compliance fines, mitigation costs, and business losses, VentureBeat reports.

Mounting cyber incident spending comes amid evolving cybersecurity threats, with malicious actors now engaging in cloud-based app and service-targeted attacks that are being conducted at 60% of the frequency of attacks aimed at email-based services, according to a Perception Point and Osterman Research report.

Perception Point Vice President of Corporate Development and Strategy Michael Calev emphasized the higher financial impact of cyberattack prevention, which could curb the need for post-breach remediation efforts.

“One successful breach for an organization can cause damage amounting to millions of dollars for bigger companies this could mean a significant loss in revenue, production capabilities, and a hit to their reputation, while for smaller companies it could spell disaster and even the end of their ability to operate,” said Calev.

This article first appeared in SC Media on November 28.