37 percent of companies lose over $100,000 to a cyberattack
Cyberattacks can cause significant harm to businesses, not least financial losses. According to recent findings from the Atlas VPN team, 37 percent of companies lose over $100,000 per cyberattack on average.
Some lose even more, with 22 percent of companies suffering significant losses ranging from $100,000 up to $499,999. Cybercriminals stole even more money, between $500,000 and $999,999, from 11 percent of businesses. Lastly, four percent of companies claim to have lost over $1 million after a successful cyberattack. A worrying two percent of businesses say they don't know their actual losses.
On top of financial losses, organizations also face damage to their reputation, loss of corporate information, and disruption to partner operations.
Vilius Kardelis, cybersecurity writer at Atlas VPN, says, "Even though many businesses have invested more into cybersecurity lately, the most critical challenge is transparency. Companies are afraid to report incidents for fear of losing customer trust. However, that makes cyberattacks more dangerous and prevalent, causing significant damage to businesses."
The study shows 31 percent of businesses experienced disruption of partner and customer operations and theft of financial information. Furthermore, more than a quarter (28 percent) of companies suffered reputational damage and theft of financial information following on from a successful cyberattack.
Also 24 percent of businesses had to deal with supply chain disruption. At the same time, another 23 percent experienced obstruction of their trading or business operations. 19 percent suffered from the loss of business or contracts, while money theft was discovered in 18 percent of companies after a successful cyberattack.
You can read more on the AtlasVPN site.