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The cost of cyber attacks for businesses is increasing

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According to new statistics, cyber attacks are costing victims’ businesses more.

Atlas VPN Institute’s research on the destructive potential of viruses (opens in a new tab) and malware cyberattacks showed that almost a quarter (22 percent to be exact) of victimized businesses lost $100,000 to $499,999 in these incidents.

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Additionally, 11% of businesses lost between $500,000 and $999,999; While 4% of businesses have faced losses of 1 million dollars or more.

In general, 37% of businesses suffered losses of $100,000 or more; While 24% of businesses have lost between 50 thousand and 99,999 dollars.

Issues related to transparency

Determining the financial consequences accurately is relatively difficult; Because for this purpose, many variables must be considered.

In addition, businesses must consider brand damage, partner and customer performance, and potential legal penalties.

Villius Cardelis; Cybersecurity writer at Atlas VPN Institute says: “Although many businesses have recently increased their investment in cyber security; But in the meantime, transparency is considered the most important challenge.

Companies are afraid to report incidents for fear of losing customer trust. However, this makes cyber-attacks more dangerous and common, causing significant damage to businesses.

As mentioned earlier; Atlas VPN Institute found that nearly one-third (31%) of victimized businesses experienced disruptions to partner or customer operations, as well as financial information theft. Also, the reputation of 28% of businesses was damaged and 24% had to manage disruption in their supply chain.

Almost a quarter (23% to be more precise) of the businesses had to remove barriers to business operations; While 19% of them witnessed the loss of business and contracts.

Finally, almost one-fifth (18%) of businesses witnessed direct theft of their money. All these cases make businesses want to maintain their security against potential cyber incidents and not share their challenges in this field with the public.

In fact, 48% of IT leaders have admitted that they have known about cyber attacks against their organizations; But due to expediency, they have refused to make this issue public.

However, researchers have come to the conclusion that the non-disclosure of these cases increases the risk and prevalence of cyber attacks and thus expands their ability to destroy.

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Adib

Adib Zahedi is the CEO and Founder of mazhd.com. He has nearly a decade of experience in IT, including two years spent working on a Youtube Chennal. He is also an author and writes articles for mazhd.com. Has articles include tutorials and covers everything from Windows PCs to smartphone's software.

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