23 Apr Unmasking The True Cost Of Cyberattacks: Beyond Ransom And Recovery
This week in cybersecurity from the editors at Cybercrime Magazine
– Read the Full Story in the Hacker News
Sausalito, Calif. – Apr. 23, 2024
While many people tend to focus on understanding how and why they were targeted by security breaches, there’s a larger, more pressing question, according to The Hacker News: What is the true financial impact of a cyberattack?
According to research by Cybersecurity Ventures, the global cost of cybercrime is projected to reach an astonishing $10.5 trillion USD annually by 2025, which marks a dramatic increase from the $3 trillion USD reported in 2015.
While the financial burden of ransomware payments and data recovery is undeniable, the true cost of a cyberattack goes far beyond immediate expenses. For businesses, in particular, the impact seems to be multifold. A breakdown by The Hacker News lists just some of the hidden costs: revenue loss; strained relationships with customers and suppliers; and regulatory fines and increased insurance premiums.
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