Average annual cost of cyber-compromise exceeds $5 million

06 February 2024

Barracuda Networks, Inc. has published its Cybernomics 101 report, which reveals the average annual cost of responding to compromises exceeded $5 million.

The report also raises the alarm over hackers exploring how they can use generative AI (GenAI) technology to increase the volume, sophistication, and effectiveness of their attacks. 50% of respondents believe AI will enable hackers to launch more attacks. The survey also identified that 71% of respondents had experienced a ransomware attack over the last year, and 61% paid the ransom.

The research identifies the behaviours and proven security measures implemented by ‘High Performers’ that can serve as models for success. The report presents best practices that will help any organization become more effective in identifying, containing, and recovering from attacks. They include adopting a platform approach to security rather than relying on a collection of disparate individual security tools or solutions, implementing privileged access rights to ensure that sensitive data remains accessible only to authorized individuals, and creating (and regularly rehearsing) a security incident response plan.