The rise in costs due to security breaches forces organizations to rethink their cybersecurity.

Cybersecurity gaps can lead to significant economic losses for organizations. Cybercriminals can engage in malicious activities ranging from intellectual property theft to ransomware attacks, or even impersonate trusted entities to gain unauthorized access to networks. These breaches not only cause financial harm but also impact companies' reputations, which can result in decreased competitiveness and a loss of revenue. Furthermore, the reaction process to these security incidents can incur significant costs, diverting valuable resources from technological support to other critical functions.

Since completely eliminating cybersecurity risks is unrealistic, organizations should focus on attack patterns that pose the greatest threats and can result in large sums of money for criminals. For instance, according to the 2024 Data Breach Investigations Report, a ransomware attack has an average cost exceeding $45,000, and in some cases, the amounts can reach several million. Such attacks can be devastating for companies that cannot afford downtime, forcing them to choose between paying the ransom or enduring prolonged disruption while attempting to restore their systems.

Another prevalent attack pattern is pretexting, which accounts for approximately a quarter of all economically motivated cyberattacks. It is frequently used in business email compromise attacks, which average around $50,000 in costs to organizations. These attacks typically target high-level executives, who usually have access to highly sensitive company information, making them more vulnerable since exceptions are often made in security protocols for them.

Industries that handle critical infrastructure or sensitive information are high-value targets for criminals. For example, a manufacturer cannot afford for its production line to remain idle for an extended period, as this can have a cascading effect throughout the supply chain and impact relationships with suppliers and retailers, threatening its market position. The pressure may mount, pushing the company toward the option of paying the ransom.

In the healthcare sector, hospitals and other organizations face the dual threat of confidential patient information falling into the wrong hands and crucial medical equipment being hacked. The leakage of records can severely damage a healthcare institution's reputation, and the compromise of medical equipment could force a hospital to concede to paying a ransom to protect the health of its patients.

Many of these attacks are facilitated by non-malicious human errors. It is estimated that over two-thirds of security breaches result from inadvertent mistakes, such as an employee accidentally clicking on a malicious link. Ongoing training in cybersecurity best practices and awareness of common attack types can be a valuable tool for reducing exposure to these risks. However, this alone is not sufficient; it is also essential to invest in robust threat detection solutions and perimeter security to mitigate the economic cost of security breaches.