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CYBER ATTACKS : A PERVASIVE AND GROWING RISK

Digital transformation has brought significant benefits to organizations , including increased agility and flexibility , but it has also led to a rise in cyber attack vectors . 66 % of organizations were hit with ransomware within the last year , according to a 2022 Sophos survey . The widespread adoption of cloud services and Software-as-a Service ( SaaS ) applications has expanded the attack surface , making it more challenging to manage and secure data . additionally , the increased use of mobile devices and remote work have made it easier for cybercriminals to launch attacks from anywhere , at any time .

The business impact of ransomware

Ransomware attacks can be crippling . Ransom payments can cost millions of dollars without any guarantee that paying the ransom will restore impacted data . Beyond the cost of the ransom itself , attacks can also result in downtime , lost revenue , recovery costs , reputational harm , regulatory compliance requirements , loss of customer goodwill , increased cyber insurance premiums , and more . All in all , total costs are often in the millions of dollars , with full recoveries taking weeks to months . Ransomware cost the world $ 20 billion in 2021 and that number is expected to rise to $ 265 billion by 2031 . The impact is clear : when an organization ’ s data is down , its business is down .

22 INTELLIGENTCIO MIDDLE EAST www . intelligentcio . com