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Barracuda: Annual recovery costs from cybercrime soar up to $5 million for businesses | #cybercrime | #computerhacker


The annual cost of responding to cybercrime for businesses can soar to as much as $5 million, reveals a recent report by Barracuda Networks, a provider of cloud-first security solutions.

Drawing insights from nearly 2,000 IT security practitioners across the Asia Pacific (APAC), the United States., and Europe, the Middle East and Africa (EMEA), the “Cybernomics 101” report investigates the financial dynamics and profit motives fueling cyberattacks.

For enterprises with employee counts ranging from 100 to 5,000, the average annual cost to recover from cyber compromises, such as successful ransomware or phishing attacks, stands at a staggering $5.34 million. This figure includes expenses incurred in addressing damage to IT assets, incidents of theft, and operational disruptions resulting from cyber assaults.

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“While the Cybernomics 101 research underscores the harsh reality of suffering a data breach, it also underscores that organizations are not powerless,” said Fleming Shi, CTO, Barracuda. “Proactive monitoring and attack detection to prevent progression to more severe stages like data exfiltration or ransomware is key. By preparing for these scenarios today, organizations can significantly reduce the impact and cost of these incidents.”

The report raises concerns about the security challenges confronting organizations, with a particular emphasis on the growing threat posed by hackers leveraging generative AI (GenAI) technology. Half of the surveyed security professionals (50%) anticipate that AI will empower hackers to launch more potent attacks, while only 39% believe their security infrastructure is adequately prepared to counter GenAI-powered security threats.

Ransomware

Regarding ransomware, the study discloses that a substantial majority of respondents (71%) encountered a ransomware attack in the past year, with 61% admitting to paying the ransom. The highest average ransom paid for such attacks was reported at $1.38 million.

Despite the alarming trends, the report highlights positive insights by identifying “High Performers,”’ a subset of respondents demonstrating effective strategies for mitigating risks, vulnerabilities, and attacks. These strategies include adopting a platform-based security approach, implementing privileged access rights to safeguard sensitive data, and creating and regularly rehearsing a security incident response plan.

“Cyber-resilence needs to be a priority, particularly as technology continues to advance and we start to see hackers being able to harness the power of GenAI to improve the efficiency and effectiveness of their attacks,” said Mark Lukie, Director of Solution Architects, Barracuda APAC.

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