Cyber Attacks are unwanted and illegal attempts to steal, modify, disable, or destroy data and information through unauthorized access to computing devices.
Cyber Attacks target governments, businesses, and individuals. These attacks can render computer information systems, networks, infrastructures, personal computer devices, and smartphones useless.
In this article, we have highlighted the true cost of cyber attacks and how they will double down in less than a decade.
Cost Of Cyber Attacks To Reach $10.5 Trillion Annually By 2025
Cyber Attacks have been a growing concern ever since the dawn of modern-day networks and computing devices. Trillions of dollars coupled with valuable data have been compromised by cyber-attacks.
As stated earlier, everyone, ranging from regular users to big government agencies, have been targeted by cyber-attacks.
According to the research conducted by ExpressVPN, cyber-attacks were expected to cost the world 8 trillion USD in 2023, with that number expected to rise to 9.5 trillion in 2024 and 10.5 trillion in 2025.
Undoubtedly, 10.5 trillion is an insane amount of money, and the costs are expected to go up only in the coming years.
You will be surprised to know that customers end up paying for the huge losses encountered by mainstream companies in the form of increased service and subscription prices.
In addition to financial losses, there are many other hidden losses associated with cyber-attacks like operational disruption or destruction costs, loss of intellectual property, idle employees & lost wages, cost of downtime, and regulatory fines.
Common Types of Cyber AttacksÂ
In this section, we have shared some of the most common types of cyber-attacks, followed by some preventive measures that can be followed to safeguard a business against these attacks.
1. Ransomware
Ransomware is a type of crypto virological malware that blocks the individual or an organization from accessing the data on their computing devices unless a ransom is paid.
The valuable data in a Ransomware attack is locked behind encryption, and only the attacker has the keys to decrypt it. Roughly 72.7% of organizations in 2023 were affected by Ransomware.
While firms with regular backups of their data were able to fight back against Ransomware, the attackers have now started targeting victims’ backups to prevent organizations from restoring their data.
2. Data Extortion
As the name suggests, in Data Extortion, the attackers steal sensitive data and threaten the targeted organization to pay a ransom amount, or else their data will get released. Data Extortion was involved in roughly 27% of cyber attacks in 2023.
Once the attacker has access to the valuable data, he can use it, modify it, or sell it to a third-party organization.
Unlike ransomware, where access to data is blocked, data extortion is a crime in which the attacker steals the actual data. Data Extortion is executed via data breaches or exfiltration.
3. Man-in-the-Middle Attacks (MitM)
Another common cyber attack category that’s gaining popularity lately is Man-in-the-Middle Attacks. In a MitM attack, the hacker or attacker positions himself in a direct conversation between two parties.
Unknowingly, a user or an employee ends up giving private information to an unknown perpetrator.
These attacks can lead to the loss of personal information, login credentials, financial information, and other forms of valuable data.
Avoiding The Costs Of A Cyber Attack
In order to avoid major cyber attacks or a security breach, organizations can adopt cybersecurity systems and strategies. Initially investing in a good threat management strategy can help save a company millions down the line.
Deploying systems that utilize AI and automation can help cut the costs of a cyber attack by up to 80%. According to reliable sources, 37% of companies in the U.S. are planning to increase their cybersecurity spending. That’s a step in the right direction.
While mainstream organizations have the capability of investing in comprehensive data security platforms, small businesses and individuals can also follow certain safety measures to protect themselves.
CONCLUSIONÂ
So this was all about the insane amounts of money and valuable information that’s lost due to cyber-attacks every year.
Together, we can all spread awareness to stop or drastically reduce the impacts of these attacks by reporting any suspicious online activities, updating our devices regularly, and using reliable authentication protocols.
