Over two-thirds (68%) of organizations say they suffered a cyberattack in some unspecified time in the future over the last twelve months, new figures from Netwrix have claimed. 

The cybersecurity agency polled 1,610 IT professionals from 106 nations and printed the ends in its annual world 2023 Hybrid Safety Developments Report. 

In addition to the rising variety of breached corporations, the report additionally mentioned that 16% of the victims estimated their monetary damages to be as much as $50,000. Moreover, two in 5 (40%) of the victims needed to cowl unplanned bills, whereas 10% suffered different critical penalties, together with buyer churn, fewer gross sales, and being surpassed by their rivals. 

Insurance coverage and safety options

Whereas many organizations are turning to cyber insurance coverage to mitigate the danger, Netwrix’s researchers warn that they have to do extra to remain protected. Certainly, 44% of organizations are insured in opposition to cybersecurity incidents, with one other 15% planning on buying a coverage inside the subsequent 12 months. 1 / 4 (22%) of these with a coverage had been compelled to enhance their cybersecurity posture with a view to be eligible for the acquisition. 

“Whereas cyber insurance coverage has worth, it’s important to keep in mind that it’s no substitute for robust safety. In spite of everything, whereas insurance coverage pay out can defray the monetary influence of a safety incident, no coverage can restore a company’s information, operations, or popularity,” Dirk Schrader, VP of safety analysis at Netwrix, mentioned.

Of all of the completely different endpoints (opens in new tab) on the risk panorama, hackers are gravitating in direction of on-prem infrastructure moderately than the cloud. This distinction is most expressed in ransomware assaults, the report additional claims, with nearly twice as many ransomware infections on on-prem environments (37%) in comparison with the cloud (19%).

“On-prem environments are extra susceptible to assaults than software-as-a-service (SaaS) programs as a result of they usually have sprawling privileges on the infrastructure stage. For instance, customers might need administrative rights on their computer systems and repair accounts usually have elevated rights. Malicious actors can abuse these standing privileges to unfold malware rapidly throughout on-premises programs,” Dmitry Sotnikov, VP of product administration at Netwrix, added.

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