The cost of cyberattacks spiked more than $1.5 million in the past year, going from $3 million per incident in 2018 to $4.6 million in 2019. Pricier breaches are becoming more frequent: The percentage costing $10 million or more nearly doubled from 7% in 2018 to 13% this year.
Radware researchers who compiled the report “2019 C-Suite Perspectives: From Defense to Offense, Executives Turn Information Security into a Competitive Advantage” found there are four main business impacts after a cyberattack: customer loss (45%), brand reputation loss (44%), and revenue loss and operational effects (32% each). Cybersecurity has also become an executive issue, with 72% of executives reporting it’s on every board meeting agenda.
Respondents are now working to meet the expectations of an increasingly cyber-savvy customer base; people want to know what companies are doing to protect their information. Three-quarters of executives say security is a key part of their marketing messages. Half of businesses sell dedicated security products and services; 41% offer security features as add-ons.
Still, companies have a long way to go. Seventy percent of senior executives polled in North America and Europe say their organization experienced a cyberattack in the 12 months prior. Three-quarters of those in EMEA admit their networks are vulnerable to cyberattacks.
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