With the average cost of a cyber attack now exceeding $1 million, it is no surprise governments, agencies, regulatory bodies, and private and public companies are investing heavily into cybersecurity technology.
A report from Radware earlier this year found the average cost of a cyber attack skyrocketed 52 per cent from 2018 to 2019.
It wasn’t quite seven figures, but last week reports emerged that Riviera Beach, a city in Florida, forked out nearly $600,000 after being held to ransom by cyber attackers.
For three weeks city workers couldn’t access their email accounts and emergency dispatchers couldn’t log calls into computers, and the city council voted unanimously to pay the hackers 65 Bitcoin.
It followed attacks in Baltimore and Atlanta, whereby refusal to pay ransoms to cyber hackers resulted in the loss of millions of dollars.
The anxiety over the severe cost of such attacks is leading to increased investment in technology to prevent it. Crunchbase reported that in the last week alone, three cybersecurity companies raised nearly $200 million in venture capital.
The companies provide anti-phishing technology, which aims to lessen the impact of fake email scams, which remain among the most effective tools for hackers.
They also utilise artificial intelligence in their technology. Sam Bocetta, writing in CSO, said AI will be “at the forefront” of the next wave of cybersecurity tools.
This content does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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