Data exfiltration went up from 37% to 46%, ransomware from 30% to 40%, hacktivism from 32% to 39%, denial of service from 28% to 39%, fraud from 29% to 38% and cryptojacking from 27% to 33%.
US companies had been barely extra more likely to expertise a critical cyber assault at 77% in comparison with the UK at 73%. However, UK companies find yourself dropping extra in value. These incidents have value senior IT respondents a mean direct lack of £1.3 million, which isn’t inclusive of the long-term results that cyber assaults can carry.
The true value of a safety breach lies within the oblique losses, which have turn out to be extra pricey than the cyber assault itself. Reputation harm and paid ransom averaged £1.5 million in 2022.
Nearly half of those companies additionally went into operational downtime, elevated insurance coverage premiums, skilled reputational harm, and paid authorized prices following the cyber assault.
“Our latest report shows the sheer scale of serious cyber-attacks on businesses in the UK and the US. This is a growing problem and one with serious ramifications for affected organizations,” mentioned Jamie Smith, board director at S-RM.
“Often businesses will focus on the direct financial impact of a cyber incident, but the indirect impact can be even higher and far more difficult for them to accurately quantify,” Smith mentioned. “This is part of the reason why an effective incident response plan and relevant training is so important. The right plan can minimize the secondary impact of attacks, help to limit reputational damage, aid recovery, and minimize costly downtime.”