Cyberattacks are fast becoming a reality check for businesses worldwide, inflicting massive financial and operational losses. Besides the immediate loss of funds, cyber attacks also have an impact on an organization’s reputation, hence losing out in competition. The most common threats range from theft of sensitive data to holding a system hostage using ransomware. To address such challenges, firms need to focus on preventing the most common and expensive attacks, particularly in industries that are sensitive to downtime and data loss.
Why Some Attacks Are More Costly
Not every attack hits businesses in the same way. Some methods, like ransomware and pretexting, stand out because of their high costs.
Ransomware Attacks: It locks organizations out of their systems until they pay the ransom. Today, reported cases of ransomware infection claim the average business lost $45,000. In some cases, the damage is higher than one million dollars. For organizations with operations dependent on continuous performance, like manufacturing or logistics, just an hour or two of lost time can mean millions in losses.
Pretexting and Business Email Compromise (BEC): Pretexting refers to the practice of deceiving employees into providing sensitive information under false pretenses. It is the primary source of BEC attacks, where cybercriminals target executives who have access to confidential information. The average case of these attacks costs organizatio
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