Cyber Breaches Cost More Than $45B Globally Last Year
According to a new report by Online Trust Alliance (OTA), there were over two million cyber incidents globally in 2018, costing over $45 billion.
Overall breaches and exposed records were down last year, but the financial impact of ransomware rose by 60%, losses from business email compromise doubled, and cryptojacking incidents more than tripled.
The OTA’s report also found that 95% of all breaches could have been avoided through simple and common-sense approaches to improving security.
“While it’s tempting to celebrate a decreasing number of breaches overall, the findings of our report are grim. The financial impact of cybercrime is up significantly and cyber criminals are becoming more skilled at profiting from their attacks,” said Jeff Wilbur, technical director of the Internet Society’s Online Trust Alliance. “So, while there may be fewer data breaches, the number of cyber incidents and their financial impact is far greater than we’ve seen in the past.”
Read it here | Forbes Middle East