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The number of reported cyber incidents increased by around 83 percent in continental Europe in 2019. This is evident from a report by risk and insurance advisor Marsh. The use of ransomware doubled between 2018 and 2019.
Two-thirds of reported incidents are malicious attacks, but 28 percent were purely accidental. Fourteen percent of cases involve ransomware, which shuts down IT systems and/or releases data if no ransom is paid. This is a doubling in 2019 compared to 2018.
As the attacks become more sophisticated, they also cause longer periods of business disruption. A simple cyber attack will result in approximately one week of business disruption, but an 'advanced cyber attack' could result in up to ten weeks. Three to four weeks are needed to restore the infrastructure and six weeks to re-import the data.
It is therefore not surprising that 71 percent of the costs of cyber claims relate to disaster recovery measures. This not only concerns IT assistance, the legal aspect and assistance in communication and crisis management also cost a lot of money. In addition, there are also costs for preparing possible claims, covering against liability to third parties, loss of turnover and increased labor costs and of course any ransom. All this is separate from possible fines for infringement of the GDPR.
In 36 percent of cases, a ransom is demanded, in 34 percent of cases it concerns data theft. Fraudulent motives are behind seven percent of attacks and only four percent of attacks are intended to damage the company image or disable websites.
Exceptionally talented
Also notable: 35 percent of companies fail to detect a breach. Even more troubling is the fact that only a quarter of incidents are identified by the cybersecurity system. In 44 percent of cases, it is the employees themselves who report the breach. But this determination is usually made much too late, up to an average of 164 days after the infringement. In addition, only four sectors appear to be responsible for half of the attacks. The financial institutions sector was the most affected in 2019, representing 21 percent of claims, followed by the manufacturing sector with 13 percent, communications, media and technology companies follow with 9 percent and services companies with 7 percent.
To make money with cybercrime, you don't have to be an exceptionally talented IT professional, the research shows. Half of attackers do not have advanced technical competencies. The research also shows that two-thirds (65 percent) of cyber attacks are purely opportunistic and target systems that are poorly protected and therefore easier to attack. Extensive protection could avoid this. Only 30 percent of attacks target specific organizations with the intention of stealing special and sensitive information.
Prevent breaches in your organization. Secure, or have your company secured by professionals. No organization wants to pay a ransom or lose (and recover) data, especially in times of the Corona virus. Curious about the possibilities for your company or organization? Then take a look here: Network and security or contact us directly without obligation on 072 750 1800 or email info@xafaxict.nl .
Source: Computable
