Lapses in Cyber Defense Bleeds Money for Corporations
Leading organizations lose US$25 per minute due to Cyber Security breaches. And only 57 percent of these organizations conduct security checks.
In recent years, the cost of data breaches has steadily increased. The additional vulnerabilities that occurred because of the move to a remote workforce considerably increased the potential for cyber-attacks and provided many new weak places for hackers to exploit. The cost of cybercrime has also increased because of automated hacking attacks and the ability to transfer cryptocurrency via malware.
- The average cost of a data breach in 2020 was $3.86 million.
- In 2020, the average time to detect and contain a breach was a whopping 280 days.
- The average cost of downtime is 24 times that of the usual ransom.
- Ransomware attacks cost the healthcare industry an estimated $25 billion in 2019.
- By 2025, cybercrime is expected to cost the world $10.5 trillion each year.
- Having business continuity and disaster recovery solutions (BCDR) in place, on the other hand, is a tremendous asset: Clients utilizing BCDR solutions recovered from an attack in less than 24 hours, according to three out of four Managed Services Providers.