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Cyberattacks Are Costing Victims’ Businesses a Lot of Money

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According to new statistics, cyberattacks cost victims' businesses more money. As per research by Atlas VPN on the devastating potential of malware and virus intrusions, 22% of the victims were businesses, and the losses ranged from $100,000 to $499,999. Furthermore, 4% lost $1 million or more, while 11% lost between $500,000 and $999,999. Overall, 37% of those lost $100,000 or more, while 24% lost money between $50,000 and $99,999.

Issues with transparency

The precise financial impact is tough to predict because there are many variables. Besides, businesses must also consider potential regulatory penalties, partner and customer operations, and brand damage. Cyberattacks However, the most critical challenge, according to cybersecurity writer at Atlas VPN Vilius Kardelis, is transparency, even though many firms have increased their investments in cybersecurity recently. "Companies are afraid to report incidents for fear of losing customer trust. However, that makes cyberattacks more dangerous and prevalent, causing significant damage to businesses.” But despite this, Atlas VPN found that financial information theft and partner or customer operations disruption affected almost a third (31%) of the victim firms. In addition, 28% of respondents experienced a tarnished reputation, and 24% had to deal with supply chain disruptions. Moreover, a quarter (23%) of businesses had to deal with trading and business operations blockage. Meanwhile, 19% lost clients and contracts, and almost a fifth (18%) had their money outright stolen. Cyberattacks Therefore, all of these factors encourage corporations to conceal possible cyber problems from the public and keep them to themselves. In fact, 48% of IT executives admitted that they were aware of the cyberattack against their company but chose to remain silent about it. However, the researchers found that keeping these items a secret makes hacks even more dangerous and common, and thus - more deadly.

By Monica Green

I am specialised in latest tech and tech discoveries.


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