Cyberroot Risk Advisory

1. CYBER ATTACKS
CYBERROOT RISK ADVISORY
THE RISE
IN

2. Cyber attacks involve compromising a computer system or network
infrastructure to cause harm. Computer systems and networks are
disrupted, disabled or accessed unauthorisedly by cyber criminals
through cyberattacks.
Attackers steal, modify or delete crucial data on the victim
organization's computer. They can potentially use a compromised
machine to conduct further attacks against other systems or
surroundings. Cyber assaults have many goals, from monetary gain to
manipulating public opinion to cyber warfare.
WHAT ARE CYBER ATTACKS ALL ABOUT?

3. WHAT HAS LED TO THE RISE IN CYBER
ATTACKS & WHAT DOES RESEARCH SAYS?
Modernizing infrastructures to support an always-on, connect-
from-anywhere workforce has become difficult for security experts
due to the rapid shift to remote work. Increasingly, people worked
from home and used unsecured Wi-Fi and data networks, making
networks easier to hack. The vulnerability of unencrypted servers
has become a new threat, in addition to the previously recognized
cybersecurity problems posed by corporate email, suppliers, and
third-party vendors.

4. Research shows that top management and boards of directors are
becoming more aware of cyber attacks. Cyber insurance is now
the third most prevalent driver of new sales and growth among
leaders. Cyber-related breaches affecting firms of all kinds are
causing an apparent "fear factor," driving cyber insurance sales.
Businesses aren't just purchasing cyber insurance policies more
frequently; they also request more significant coverage limits.

5. WHAT DO STATISTICS SAY ABOUT CYBER
ATTACKS?
About $1 trillion is spent on cybercrime globally, 50% more than
anticipated in 2018. It accounts for more than 1% of the world's GDP.
By 2021, a data breach cost an astounding $3.86 million on average. It
was $4.24 million in 2022.
The typical cost of a data breach that compromises 1 million to 10
million records is $50 million. In comparison, the cost of one that
compromises 50 million records can reach up to $392 million.

6. For businesses that had implemented security automation entirely,
the estimated cost of cybercrime was $2.45 million, whereas it cost
$6.03 million for companies lagging.
Businesses with effective cyber attack prevention techniques could
save up to $1.4 million for every assault that is prevented.
Only 24% of cybersecurity experts spend money preventing
cyberattacks. 56% of businesses lack a plan for responding to cyber
incidents. And only 32% of the remaining 44% genuinely believe their
strategy will work.

7. CYBER ATTACK
STATISTICS IN
TERMS OF EACH
INDUSTRY

8. HEALTHCARE INDUSTRY
In the US, 76% of ransomware-affected hospitals had three or more
attacks.
For every patient record affected by a breach, healthcare providers
might spend up to $408, plus an extra $1.75 million, to repair their
reputation.
By 2025, it is anticipated that the worldwide healthcare cybersecurity
industry will be worth $125 billion.

9. 90% of the medical personnel that worked remotely during the
COVID-19 epidemic were not trained in data privacy or security
procedures beforehand.
28% of assaults on the healthcare sector used ransomware, moving
the sector up to the seventh place from tenth place.
According to a poll, 40% of respondents needed to be aware of the
cybersecurity measures at their company.

10. ENERGY INDUSTRY
Energy businesses make up 84% of the sector, and 68% are projected
to get cyber liability insurance. These enormous numbers highlight
cyber threats' gravity and their effects on the energy industry.
In India alone, up to 30 cyberattacks against the electricity industry
are recorded daily.
Compared to other industries, the average cybersecurity expenditure
for the energy industry is around 10% lower.
In the utility industry, 67% of apps have at least one exploitable
severe vulnerability open at any time.

11. FINANCE INDUSTRY
The financial services industry has the most significant cost of
cybercrime across all businesses at $18.3 million.
Each financial service worker has access to 11 million files on average.
The figure is significantly higher – 20 million — for larger companies.
In the banking industry, it takes 233 days on average to contain a data
breach.
On average, financial services companies spend 0.3% of overall
revenues and 10% of their IT expenditure on cybersecurity.