New research of Dell has claimed that the cost of global cyber attacks reached a new high in 2023, topping out at $1.41 million per attack, up from $0.66 million in 2022.
In 2023, almost half (48%) of UK-based organizations reported experiencing a cyber attack or incident that prevented access to company data.
Data loss and system failures were mainly caused by hardware failures, which were responsible for more than half (51%) of all data access problems in the UK.
An everyday occurrence
For many companies, disruption to business operations can be expected in 2024, as 90% of respondents globally report experiencing some form of IT disruption last year.
When it comes to cyber attacks, more than half (55%) of all respondents worldwide reported that the first point of intrusion into their network was through malicious links in spam or phishing emails, hacked devices and stolen credentials.
Generative AI could be the saving grace here: 52% of people around the world say integrating the technology into their cybersecurity could boost their ability to prevent intrusions and incidents. While it could help strengthen their defenses, 88% stated that it would create more data to protect and also increase the value of the data, requiring more protection.
Worryingly, 74% of organizations believe that in the event of a ransomware attack, they can simply pay the ransom and retain access to their data. In Britain, organizations are slightly more skeptical about whether an attacker would give back their data; Just over half (54%) of respondents believe their data would be returned if a ransom was paid.
There are also worrying implications for ransomware insurance, with only 28% of respondents globally receiving full compensation, despite their organization having ransomware insurance. 93% of organizations surveyed had a ransomware insurance policy, but caveats to their policies are hindering their reimbursement claims. 57% need to prove ‘best practice’ threat prevention, and 40% claim their claim would be invalid in certain scenarios.
Rob Tomlin, vice president of Dell Technologies UK Channel, said: “Nearly half of UK organizations suffered a cyber attack or incident last year that prevented access to data, and many are now recognizing significant new challenges in field of cybersecurity caused by GenAI.
“It can be a powerful tool to strengthen the cyber position of organizations while simultaneously creating new attack vectors and increasing the risk of cyber attacks. This duality represents significant implications for the channel, with those partners who develop the right skills and resources to help their customers respond to these challenges ensuring a substantial competitive advantage.”