In a recent study by Dell, the global cost of cyberattacks surged to an unprecedented high in 2023, reaching $1.41 million per attack, up from $0.66 million in the previous year. The impact was particularly pronounced in the UK, where 48% of organizations reported experiencing cyberattacks or incidents hindering access to company data.
The leading causes of data loss and system outages in the UK were attributed to hardware failures, accounting for 51% of all data access issues. This underscores the significance of addressing vulnerabilities in hardware systems to enhance overall cybersecurity.
A notable revelation from the study is the expectation of continued disruptions for businesses in 2024, with 90% of global respondents acknowledging some form of IT disruption in the previous year. Regarding the modes of cyberattacks, 55% of respondents reported that the initial point of intrusion into their networks occurred through malicious links in spam or phishing emails, hacked devices, or stolen credentials.
In the quest to fortify cybersecurity defenses, 52% of respondents globally expressed optimism about integrating generative AI technology. However, concerns were raised about the potential drawbacks, with 88% noting that it could lead to an increase in data volume that requires protection, subsequently elevating the value of the data.
A concerning trend emerged regarding ransomware attacks, with 74% of organizations expressing confidence in paying the ransom to regain access to their data. In the UK, skepticism prevailed, with just over half (54%) of respondents doubting the return of their data even after paying the ransom.
The study also shed light on challenges in ransomware insurance claims, as only 28% of global respondents received full reimbursement despite having insurance. Although 93% of surveyed organizations held ransomware insurance policies, complications arose with 57% having to demonstrate 'best practice' threat prevention, and 40% facing scenarios that could void their claims.
Rob Tomlin, Vice President, UK Channel, at Dell Technologies, emphasized the dual nature of generative AI, presenting both an opportunity to strengthen cybersecurity posture and a risk of creating new attack vectors. He urged channel partners to develop the necessary skills and resources to help organizations navigate these challenges, ensuring a substantial competitive advantage.
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