New research from Dell has revealed that the cost of global cyberattacks reached a record high in 2023, with each attack costing an average of $1.41 million, up from $0.66 million in 2022.
In the UK, nearly half (48%) of organizations reported experiencing a cyberattack or incident that resulted in the loss of access to company data.
The main causes of data loss and system outages were hardware failures, accounting for over half (51%) of all data access issues in the UK.
According to the study, IT disruptions are becoming increasingly common, with 90% of global respondents stating that they experienced some form of disruption in the past year.
When it comes to cyberattacks, more than half (55%) of global respondents reported that the initial breach into their network occurred through malicious links in spam or phishing emails, hacked devices, or stolen credentials.
The integration of Generative AI may offer a solution to these cyber threats, as 52% of respondents believe that incorporating this technology into their cybersecurity measures could enhance their ability to prevent intrusions and incidents. However, it is important to note that implementing Generative AI would also generate more data that needs protection and increase the value of the data, requiring heightened security measures.
Interestingly, 74% of organizations believe that if they were targeted by a ransomware attack, paying the ransom would guarantee the return of their data. However, in the UK, only slightly over half (54%) of respondents share this belief.
The study also highlighted concerns regarding ransomware insurance. Despite 93% of organizations surveyed having a ransomware insurance policy, only 28% received full reimbursement. Many policies require organizations to prove “best practice” threat prevention, and certain scenarios may void the claim.
Rob Tomlin, Dell Technologies UK Channel Vice President, emphasized the significance of these findings, stating that nearly half of UK organizations faced cyberattacks or incidents that resulted in data loss. He also highlighted the dual nature of Generative AI, which can strengthen cybersecurity measures while creating new vulnerabilities. Tomlin emphasized the importance of channel partners developing the necessary skills and resources to assist customers in addressing these challenges.
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