Companies Deploying Security AI and Automation Lose Less Money from Data Breaches
Data also shows a wide disparity in the number of attacks by nation.
Note: TDWI’s editors carefully choose press releases related to the data and analytics industry. We have edited and/or condensed this release to highlight key information but make no claims as to its accuracy.
BanklessTimes set out to uncover the current levels of cyberattacks to highlight where improvements in cybersecurity systems may be necessary.
In 2022, corporate networks saw 38% more attempted attacks than in 2021. However, some nations were subject to higher volumes of attacks than others, with the U.K. recording a staggering 77% increase in cyberattacks. Similarly, in the U.S., the number of recorded cyberattacks more than doubled year over year.
Cybercriminals do not limit themselves to one type of attack, instead using many variations of cyberattacks in attempting to gain information and capital. One type of attack frequently used is a DDoS attack, of which there were nearly 6.8 million in the second half of 2022 alone. Last year also saw a 2.2% year-over-year increase in the number of malware attacks to stand at 5.5 billion. This is a particularly disappointing figure considering the previous three years saw steady declines. Ransomware attacks also worsened, with the average ransomware payment reaching $740,144 in Q2 2023, a staggering 126% increase in the average amount of ransom paid to cyber attackers compared to the first quarter of 2023.
Data Breaches Cost More Than Customer Trust
The average cost of a data breach increased by 2.3% from 2022, standing at $4.45 million, up from $4.35 million in 2021. However, the cost is dependent on a variety of factors. It was uncovered that the cost of a data breach greatly differs by country, with the U.S. bearing the highest cost at $9.48 million. The second-highest cost is in the Middle East at $8.07 million, while in Canada it is $5.13 million, the third-highest globally. The healthcare industry faces the highest cost of any industry, at $10.93 million on average. In the financial sector, the average cost of a data breach is almost half that of the healthcare sector, at $5.90 million, and in pharmaceuticals it is $4.82 million.
Protection Against Cyberattacks Can Significantly Reduce Their Damage
As a result of the rising number of attacks, companies are beginning to increase investment into high-grade cybersecurity systems to shield themselves from such attacks. For the companies that had been breached in the last year, more than one in two companies were doing so.
One investment companies should contemplate is the deployment of security AI and automation. On average companies using such technology lose 39.3% less money due to a data breach than those that do not. Similarly, the security tech can significantly reduce the duration of data breaches, shortening the time to identify and contain data breaches by 108 days, from 322 to 214 days.
See the full statistics here: https://www.banklesstimes.com/cybersecurity-statistics/.