Majority Ransomware-related Losses Cost $1 Mn To $2.25 Mn In 2022: Report
A latest report found that the median cost per ransomware incident has doubled in the past two years, with losses ranging from USD 1 million to USD 2.25 million in 95 per cent of cases.
Ransomware attacks accounted for a staggering 24 per cent of all breaches, surpassing the combined number of attacks witnessed in the past five years. This surge in both frequency and cost underscores the urgency for organisations to enhance their defenses against ransomware threats.
Furthermore, the report emphasised the significant role played by social engineering in cyberattacks. The human element remains a major factor in 74 per cent of all breaches, despite increased efforts by enterprises to fortify their critical infrastructure and provide cybersecurity training. Social engineering techniques, including phishing and Business Email Compromise (BEC), have experienced a notable rise, with BEC incidents nearly doubling over the past year.
BEC attacks involve impersonating enterprise employees to deceive individuals for financial gain. The median amount stolen in BEC incidents has reached USD 50,000, further illustrating the lucrative nature of these cybercrimes.
While the report underscored the prevalence of social engineering, it also addressed other critical findings. The study revealed that only 3 per cent of threat actors are motivated by espionage, while the remaining 97 per cent seek financial gain.
