Cyber attacks
Average damage of over 1 million euros per attack
Successful cyber attacks on companies cause an average of 1 million euros worth of damage each. This is the estimate of 790 IT executives from around the world surveyed by Radware for its Global Application and Network Security Report 2018-2019.
The estimate is based on real incidents and their consequences. Companies that do not estimate the damage, but calculate it in concrete terms, even arrive at a damage amount of almost 1.5 million euros.
The main impact of cyberattacks is loss of productivity (54 percent), followed by negative customer experience (43 percent). In addition, almost half reported that the aim of the attacks on their networks and systems was to disrupt the attacked service. Around a third of the attacks were aimed at data theft.
"While attackers only need to be successful once, organizations need to be successful in combating and mitigating such attacks without exception," says Michael Tullius, Regional Director DACH at Radware. "A cyber attack that leads to service disruption or data theft can have a devastating impact on the business."
Most companies have experienced at least one type of attack in the course of a year - only 7% of respondents said they had been completely spared. 21 percent reported daily attacks, a significant increase from 13 percent last year. In addition, attacks are not only becoming more frequent, but also more effective: 78% of respondents who were affected by a cyberattack experienced a deterioration in their services or a complete outage, compared to 68% last year. Even given these figures, 34 percent of respondents do not have a cyber security contingency plan in place.
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