BrandShield: Companies Lose $2.1M on Average to Each Online Attack

According to a new report, only 6% of companies are reported to have avoided cyberattacks since 2020; 92% of CISOs plan to increase cybersecurity budgets in 2024

Brandshield leader in global digital risk protection, today announced its Digital Risk Protection Report. In a survey of 200 Chief Information Security Officers (CISOs), BrandShield sought to understand how security leaders are approaching digital risk protection by inquiring about financial losses from online scams, cybersecurity attacks experienced, which external threats are of greatest concern, and more. The report comes as cybercrime losses are estimated to reach $8 trillion in 2023. 

“Our report reinforces the notion of an ever-challenging security landscape and the growing sophistication of fraudsters who pose a threat to global organizations,” says Yoav Keren, BrandShield CEO and Co-founder. “By bringing new insights on top security risks and their impact on companies, we hope to provide decision-makers with the knowledge they need to make informed decisions on best practices and new approaches to mitigate risks.” 

A Single Cyber Attack Costs $2.1M On Average  

On average, CISOs reported an average loss of $2.1M USD per cyberattack. Smaller companies (<1,000 employees) and larger companies (>1,000 employees) reported $1.8M and $2.5M in average damages, respectively, with 70% of companies losing $1M or more per attack. European companies suffered greater financial losses on average, with 81% of European companies losing more than $1M per cyberattack, compared to 64% of American companies for the same metric. 

Only 6% of Companies Avoid Cyber Attacks

A mere 6% of CISOs report having not experienced a digital risk-related cyberattack since 2020, with brand impersonations (38%) and Ransomware (37%) being the most heavily cited attacks, though it is possible that some among this group were not aware of attacks they have experienced.

Subsequently, 92% of CISOs plan to increase their cybersecurity budgets to detect and mitigate threats in 2024, with leaders turning their attention towards external threats as a top security concern (23%), followed by network security (17%), and cloud security (17%). The study noted that of the three sectors examined, companies in the financial services sector are most likely to increase their budget (32%) followed by software development (31%) and retail & e-commerce (29%).

CISOs See Mobile Apps as the Greatest Digital Security Risk 

Amid the emergence of new AI tools and the growing sophistication of fraudsters, CISOs also reported seeing an increased risk from mobile devices – with 1 in 5 (20%) indicating mobile apps were their greatest digital security risk, followed by cryptocurrency scams (18%) and social media impersonations (17%).

Read the full report

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