This surge of criminal behavior is showing no signs of slowing down either, with the total cost of cybercrime predicted to hit $8 trillion globally this year, and $10.5 billion in 2025, according to Cybersecurity Ventures. Research suggests that online attacks like data hacking, theft, or embezzlement have shot up 600% since the Covid-19 pandemic.

Despite Mounting Threats, Lots of Businesses Remain UnpreparedĬisco's new cyber report also found that out of the security leaders they surveyed, four out of five (82%) expect a cyber security incident to disrupt their business within the next one to two years.Īnd these concerns appear to be valid. Unsurprisingly, cyberattacks of this scale are likely to have even more damaging consequences for smaller businesses, with previous research from Cisco finding that if a breach resulted in a loss of critical data, over half of smaller firms would be unprofitable in less than a month. Cyberattacks Are Costing 71% of Businesses over $100,000Ĭisco's Cybersecurity Readiness Index shows the true extent of online threats to businesses and the costly consequences of being unprepared.Īccording to the report, 71% of businesses that experienced a cyberattack within the past year claim it cost them at least $100,000, with just under half (41%) saying that the overall cost exceeded $500,000.

What’s more, despite the increased accessibility of security tools like virtual private networks (VPNs) and password managers, the survey also revealed that almost half of global organizations are unprepared for cyberthreats that result from hybrid work environments.įor businesses looking to ramp up their cyber hygiene and avoid costly attacks, we break down the main findings of Cisco’s latest Cybersecurity Readiness Index, and outline some practical measures for evading risks in 2023.

Cyberattacks are costing 71% of surveyed businesses over $100,000 a year, with 41% claiming their total damages exceed half a million dollars for the same period, claims a new report from Cisco.

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