The annual cost of recovering from cybercrime for enterprises can be as much as US$5 million, according to Barracuda Networks’ Cybernomics 101 report.
According to a study of 2000 IT security practitioners, enterprises can face an average annual cost of US$5.34 million to recover from cybercrime to address damage to IT assets, incidents of theft, and operational disruptions.
Attackers and AI
The report also revealed that half of the security professionals (50%) believe that hackers can leverage Artificial Intelligence (AI) to launch more attacks. Only 39% are confident that their security infrastructure can protect them against AI-powered security attacks.
“Cyber-resilience needs to be a priority, particularly as technology continues to advance and we start to see hackers being able to harness the power of GenAI to improve the efficiency and effectiveness of their attacks. Unfortunately, it is a vicious cycle. Once cybercriminals find a recipe that works, they will continue to use it,” Mark Lukie, the director of Solution Architects at Barracuda APAC, said.
High performers
The study identified a subset of respondents called High Performers, who model behaviours and security measures that mitigate risks, vulnerabilities, and attacks.
High performers adopt a platform approach to security, implement privileged access rights to safeguard sensitive data and create a security incident response plan.
"Proactive monitoring and attack detection to prevent progression to more severe stages like data exfiltration or ransomware is key. By preparing for these scenarios today, organisations can significantly reduce the impact and cost of these incidents,” Fleming Shi, CTO at Barracuda, commented.